Accounting for Attorney Trusts August 2024

Available from

15 August, 2024

CPD

3

Course Category:

Financial Reporting

Level:

Moderate

Proper accounting for attorney trusts is critical in ensuring compliance with legal and ethical standards, thereby safeguarding client funds and maintaining the integrity of legal practices. August 2024

 

Category: Financial Reporting.

R 375 VAT Incl.

Product Information

What you will learn

By attending this webinar you will gain the following competencies: 

  • Gain a comprehensive understanding of the objectives and scope of managing attorney trust accounts, including their role in maintaining client trust and compliance.
  • Learn about the key principles and standards governing attorney trust accounts, such as those set forth by regulatory bodies and legal ethics boards.
  • Explore the importance of accuracy, transparency, and compliance in trust account management, and understand their significance in maintaining ethical standards.
  • Identify the various stages and procedures involved in managing attorney trust accounts, from account setup and maintenance to reconciliation and reporting.
  • Understand the implications of trust account mismanagement and the role of accountants in ensuring compliance and communicating findings to legal professionals and regulatory authorities. 
      
     

Description

Proper accounting for attorney trusts is critical in ensuring compliance with legal and ethical standards, thereby safeguarding client funds and maintaining the integrity of legal practices. This webinar provides an in-depth examination of the regulatory frameworks that govern the management of attorney trust accounts. We will discuss the primary objectives of trust account management, best practices for maintaining accurate records, and the methodologies for ensuring compliance and preventing common pitfalls. 

 

Price

The following pricing apply:

Adhoc: R375.00

 

Content:

The webinar will cover the following topics: 

    • Introduction to Attorney Trust Accounts:
      • Definition and purpose of attorney trust accounts.
      • Importance of maintaining client trust and compliance.
      • Overview of legal and ethical requirements for trust account management.
    • Regulatory Framework and Standards:
      • Examination of the rules and regulations governing attorney trust accounts.
      • Understanding compliance requirements and the role of state bar associations.
      • Review of key standards and guidelines for trust account management.
    • Objectives and Scope of Trust Account Management:
      • Clarification of the objectives and responsibilities in managing trust accounts.
      • Discussion on the fiduciary duties of attorneys handling client funds.
      • Examination of the limitations and risks associated with trust account management.
    • Trust Account Processes and Methodologies:
      • Overview of the procedures for setting up and maintaining trust accounts.
      • Explanation of proper record-keeping and reconciliation techniques.
      • Exploration of best practices for handling deposits, disbursements, and transfers.
    • Reporting and Communication:
      • Analysis of reporting requirements and best practices.
      • Understanding the implications of non-compliance and reporting deficiencies.
      • Discussion on effectively communicating trust account management practices to clients and stakeholders.
    • Professional Ethics and Independence:
      • Examination of ethical considerations and potential conflicts of interest.
      • Case studies and examples illustrating ethical dilemmas in trust account management.
    • Emerging Trends and Challenges:
      • Exploration of current trends and developments in managing attorney trust accounts.
      • Discussion on challenges faced by accountants and the profession.
      • Consideration of the impact of technology and data analytics on trust account management.

 

Certificate

The following CPD is awarded 3 Unit Financial Reporting.

 

Requirements

There are no preconditions for this course.
Moderate level.
Recorded webinar made available on a specified date.

 

Presenter

Jako Liebenberg CA(SA)

Jako became a Chartered Accountant and Registered Public Auditor in 2001. His entire career has been in public practice except for a stint as CFO in the Free State Provincial Government from 2010 to 2012.

Jako consults for clients across South Africa on Accounting Standards and Compliance, Broad Based Black Economic Empowerment, Tax and Business Development. He serves as an assessor in the Free State High Court of Appeals as representative in Public Practice. Jako is also a registered SAICA assessor for Trainees. 

 

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