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Accountant's Report for Legal Profession



Accountant's Report for Legal Profession


An Accountant's Report for the Legal Profession in Singapore is a mandatory document required by the Law Society of Singapore. It serves as a verification of a solicitor's or law firm's financial standing and adherence to the accounting regulations set forth by the legal profession.


Here's a breakdown of the key aspects:


Purpose:


  • Ensures proper bookkeeping and adherence to the Legal Profession (Solicitors' Accounts) Rules.

  • Provides transparency to the Law Society regarding a solicitor's financial activities.


Who Needs it:


  • Every solicitor practicing alone or as part of a firm (partnership, limited liability law partnership, or law corporation).


Submission:


  • Submitted annually along with the application for a practicing certificate.

  • Deadline: within six months after the end of the accounting period.


Content:


  • Follows a prescribed format specified in the Legal Profession (Accountant's Report) Rules.

  • Involves a qualified accountant's examination of the solicitor's books and accounts.

  • Includes details like:

  • Verification of the accounting period.

  • Confirmation of adherence to the Solicitors' Accounts Rules.

  • Any identified discrepancies or non-compliance issues.


Resources:



Additional Notes:


  • While the report provides financial assurance, it's not a complete audit.


How Bestar can Help


Bestar can assist with an Accountant's Report for the Legal Profession in Singapore in several ways:


  • Preparation:

  • Gathering and organizing financial records according to the specific format mandated by the Law Society of Singapore. This includes ensuring all necessary documentation pertaining to client accounts, conveyancing accounts, and office accounts are compiled.

  • Performing essential calculations to ensure the accuracy of financial data presented in the report. This may involve verifying transactions, reconciling bank statements, and calculating balances.

  • Compliance:

  • Adhering to the regulations set forth in the Legal Profession (Solicitors' Accounts) Rules. Bestar has a general understanding of these rules to identify potential discrepancies or non-compliance issues during their examination.

  • Review and Analysis:

  • While not a complete audit, Bestar can provide insights and recommendations based on our review of the financial information. This may involve identifying areas for improvement in bookkeeping practices or highlighting potential risks associated with financial management.

  • Liaison (with limitations):

  • Bestar can assist with communication regarding the Accountant's Report submission process. However, it's crucial to note that we cannot directly liaise with the Law Society on the solicitor's behalf regarding any potential compliance issues identified during the report preparation.


It's important to understand that Bestar's services may not constitute a comprehensive audit. The Legal Profession (Accountant's Report) Rules necessitate the involvement of a qualified accountant who meets specific criteria:


  • Must be a practicing public accountant in Singapore authorized under the Accountants Act.

  • Must maintain complete independence from the law firm throughout the engagement.


Consult with Bestar. We are a qualified accountant specializing in the legal profession. Bestar can provide valuable assistance with the preparation and compilation of the Accountant's Report for the final review and sign-off. This ensures adherence to all legal requirements and regulations.




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