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Aug

28

LSUC Audit – My Experience…

Michael CarabashA very nice Law Society of Upper Canada auditor visited me today for a random audit (note: lawyers get audited at least once every five years). Here’s what the experience was like. First off, I’m not a typical lawyer getting audited. I don’t do real estate law (phew! – I hate paper and all the fraud involved in real estate) so that made the auditor’s life easier. Also, the fact that I keep my statements, invoices, etc. organized helped too. The auditor commented that I was the “second simplest lawyer” she’s ever audited. Apparently, the simplest lawyer had only one client and did not even have a trust account! It took her 2 hours to audit him! Ah well, second place is not too shabby at all. It was fairly straightforward because I do everything electronically through PC Law and online bank accounts. I don’t deal in cheques. In fact, I hate dealing in cheques. In fact, I loathe dealing in paper altogether. The auditor went through my trust reconciliation statements, journals, ledgers, lists, bank statements, etc. If you’re a lawyer and you don’t have PC Law, I’m sure you can get by using quickbooks and simply accounting, but they don’t have the superior functionality of PC Law. So you should definitely use PC Law to do your record keeping. There are 17 auditors at the LSUC and they take anywhere from 1-2 days for a small firm to audit or up to a week with 2 auditors at a large firm.

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