Accountant’s report for solicitor
Accountant’s report is required on client account when the solicitor renew his license.
The audit of client account must follow the requirements of Legal Profession ( solicitor’s accounts) rule issued by the law society.
The money drawn must be by cheque and two signatories. Online banking is not allowed. They must perform reconciliation between client account and client ledger at least monthly to ensure no shortfall caused by bank service charges. Thus, the solicitor usually needs to deposit money to client account to cover the bank service charge which is allowed under the rule.