What is the Law Society of Ontario & Why are they Important?
It is common for law practices to undergo an audit within the first year of operation, as well as every five to ten years thereafter, depending on the field of law in which they operate.
What is needed and how to prepare for audit?
We reconcile trust on or before 25th of the following month.
Our monthly report includes: trust listing, trust journal, general journal which are part of LSO audit, part of LSA and LSN annual submission.
We also go through transaction in Leap, Clio, Soluno, PC Law to make sure all recordings contains the necessary details.
Apart from monthly report, we also send out a three way trust reconciliation report for our client to sign monthly.
In our monthly email with report, we list any correction to be done, outstanding cheques/deposits need attention, any unknown transactions for clarification.
Links to LSO Forms
Intake Form – https://www.lso.ca/getdoc/fc17cc0c-c89c-45c9-baeb-e93cb75231c9/appendix-6-sample-file-forms
By-Law 9 – https://www.lso.ca/about-lso/legislation-rules/by-laws/by-law-9
