Legal Practitioners trust account engagements
Guidance is provided to registered auditors in the special circumstances applicable to engagements on legal practitioners’ trust accounts, as required by the Legal Practice Act, No. 28 of 2014 (the Act) and the South African Legal Practice Council Rules made under the authority of Sections 95(1), 95(3) and 109(2) of the Act (the Rules)
An engagement on legal practitioners trust accounts to report compliance with the Act and the Rules is a reasonable assurance engagement within the scope of International Standard on Assurance Engagement (ISAE) 3000 (Revised), Assurance Engagements Other than Audits or Reviews of Historical Financial Information.
Guide
| Title | Date issued | Effective date | Documents |
|---|---|---|---|
| Guide for Registered Auditors: Engagements on Legal Practitioners’ Trust Accounts (Revised March 2020) | May 2022 |
|
PDF | Word |
|
Guide for Registered Auditors: Engagements on Legal Practitioners’ Trust Accounts (Revised March 2020), including:
|
28 April 2020 | Effective for financial periods commencing on or after 1 March 2019 | PDF | Word |
Previous version(s) of the Guide:
Issued on 14 March 2017 effective for financial periods commencing on or after 1 March 2016 PDF | Word
Agreed-Upon Procedures Engagement Performed In Respect Of An Application By A Legal Practitioner Firm For A Refund Of Bank Charges And Audit Fees
The illustrative agreed-upon procedures report was developed by a task group of SAICA’s Legal Practitioners and Accountants Committee (LPAC). The report was approved by SAICA’s Assurance Guidance Committee.
| Title | Date issued | Documents |
|---|---|---|
| Agreed-Upon Procedures Engagement Performed In Respect Of An Application By A Legal Practitioner Firm For A Refund Of Bank Charges And Audit Fees | 2 November 2023 |
Advisory / Notice issued by the Legal Practice Council
- The Legal Practice Council extends the dates for submission of trust account audit reports
- Advisory dated 17 April 2020
Notices from the Legal Practitioners Fidelity Fund (LPFAdvisory / Notice issued by the Legal Practice Council F)
- Sweeping of the 5% of interest earned on Section 86(4) trust investments in terms of Section 86(5) of the Legal Practice Act
- The implementation of the remaining chapters of the Legal Practice Act No. 28 of 2014 (the Legal Practice Act), on 1 November 2018, affects all legal practitioners
- The new process for the manual payment of Sections 86(2) and (3) of the Legal Practice Act trust interest to the LPFF and related reporting templates for:
Useful links
Related communiqués
- 28 November 2023: An Alert on the Latest Publications from the Legal Practitioners Fidelity Fund
- 26 July 2023: An Alert on the Latest Publications from the Legal Practitioners Fidelity Fund
- 30 March 2021: Engagements on Legal Practitioners' Trust Accounts
- 18 September 2020: Engagements on Legal Practitioners' Trust Accounts
- 28 April 2020: Guide for Registered Auditors: Engagements on Legal Practitioners' Trust Accounts (Revised March 2020)
- 19 July 2019: Illustrative Auditor's Report for Engagements on the Compliance of the Attorneys' Trust Accounts with the Attorneys Act and the Rules for the Attorneys' Profession, as well as the Legal Practice Act and Legal Practice Council Rules
- 14 March 2017: Revised Guide for Registered Auditors: Engagements on Attorneys' Trust Accounts
- 14 June 2016: Revised Illustrative Engagement Letter, Representation Letter and Auditor’s Reports for Engagements on Attorneys’ Trust Accounts
- 10 June 2014: Frequently Asked Questions on the Guide for Registered Auditors: Engagements on Attorneys Trust Accounts
- 28 February 2014: Guide for Registered Auditors: Engagements on Attorneys Trust Accounts
