Law Society Of Ontario Spot Audit
The Law Society Spot Audit is an important event in a lawyer's career and practice. They are not a one time thing and are not scheduled much in advance.
Very often, poor books and records lead to costly administrative suspension by the Law Society.
When you are selected by the Law Society for a spot audit, it is extremely important that you make sure:
1. Your books are maintained and are up to date and accurate
2. The reports are prepared in accordance with the Law Society's by-laws
3. Your bookkeeper has the experience and ability to handle the audit and is on site with you day of audit.
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The Law Society Audit Department has a mandate to conduct a Spot Audit on each firm every five years. All newly formed firms will be audited in the first 12 - 24 months of operation.
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Our FREE pre-audit review will greatly reduce your risk of non-compliance.
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Both Carl & Jody of Exactlynow have been involved in numerous audits over the past 20 years, and have seen them evolve over time. We take pride in specializing in Audit Day preparation whether that be proactively or retroactively. We can also help you last minute, so contact us any time of day.
SPOT AUDITS ARE SMOOTH AND PAINLESS WHEN YOU HAVE US BY YOUR SIDE
Leave the hassle and stress to us, so you can do what you like - practicing law
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Special Note: If you are currently under a LSO suspension, or restricted practice reach out to us today. We have helped numerous lawyers regain good standing and go on to love practicing law again, while never worrying about their finances again and having positive audits moving forward.
According to the Law Society, Spot Audits are “designed as a pro-active compliance measurement and problem detection tool, Spot Audits measure the integrity of law firm financial filing (By-Law 8), assess ongoing compliance with financial record-keeping requirements (By-Law 9) and the Rules of Professional Conduct, and identify serious misconduct related to financial matters. A primary goal, which reflects a remedial approach, is to provide on-site guidance aimed at helping your law firm correct minor deficiencies with your record-keeping practices before they lead to serious non-compliance or misconduct issues”.
The Law Society goes on to further state “Spot Audits support and promote high quality law firm record keeping by answering questions and providing guidance regarding private mortgages, trust and general record keeping requirements, and By-Law 9 and providing onsite support and ensuring compliance with LSO requirements by conducting audits”.
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