LegalizeS.I. No. 118/2023 - Solicitors Accounts Regulations 2023
This is the act as published. Later amendments are not folded into the text below: each one is a separate act in this repository and an entry in this law's history.
- (i) that each balancing statement has been approved by the sole practitioner/compliance partner in accordance with Regulation 13(8)(b);
(ii)that the office balancing statement has been approved by the sole practitioner/compliance partner in accordance with Regulations 13(9)(b);
(iii)that the listing of client ledger balances and controlled trust balances has been reviewed for undue or unnecessary delays in dealing with client matters in particular in discharging undisbursed outlay, moneys due to clients or moneys due to be paid for or on behalf of clients and where the listing disclosed unnecessary or undue delay in dealing with client matters, immediate action has been taken, where appropriate, to deal with those matters in accordance with Regulations 13(8)(e);
(iv)that the list of client ledger balances outstanding two years or more at the accounting date as set out in Appendix 6 has been approved by the sole practitioner/compliance partner in accordance with Regulation 13(8)(f).
- (v) that where accounting records are maintained on a computerised system that appropriate back-ups of computerised information are performed promptly and are securely stored other than on the practice’s office premises, in accordance with Regulation 25(2); and
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- (b) that I am aware of the format and contents of the within Reporting Accountant’s Report which I have discussed with the Reporting Accountant to the extent necessary to understand its effect upon my/our discharge of my/our obligations under the said Regulations; and
- (c) that where I am unable to provide confirmation in respect of my/our obligations under the Solicitors Accounts Regulations 2023 to any extent I have set out in detail the rationale for same below.
...............................................................................................
................................................................................................
Dated this ....day of 20...
*Signature of sole practitioner/compliance partner: ...........................
Name of firm: ..............................................................................................................
Address: ................................................................................................................
...............................................................................................................................
[*required signature above is that of solicitor]
REPORT OF REPORTING ACCOUNTANT
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APPENDIX 1
Matters in respect of which I have not been able to satisfy myself, and the reasons therefor:
REPORTING ACCOUNTANT’S REPORT
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APPENDIX 2
Matters (other than trivial breaches due to minor clerical errors or mistakes in accounts-keeping) in respect of which, in my opinion, the provisions of the Solicitors Accounts Regulations 2023 have not been complied with by the Solicitor(s) concerned:
REPORTING ACCOUNTANT’S REPORT
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APPENDIX 3
CLIENT ACCOUNT & CONTROLLED TRUST ACCOUNT & INSOLVENCY ARRANGEMENT ACCOUNT BALANCING STATEMENT
(information extracted from the solicitor(s) accounting records)
| Name of Firm: | Name of Firm: | Name of Firm: | Name of Firm: |
| Accounting Period: From.......................20.........To..................20..... | Accounting Period: From.......................20.........To..................20..... | Accounting Period: From.......................20.........To..................20..... | Accounting Period: From.......................20.........To..................20..... |
| 1 | 2 | ||
| Balancing statement date: | Balancing statement date: | ||
| € | € | ||
| (a) | Liabilities as shown by the balances on: | ||
| (a) | (i) client ledger accounts, | ||
| (a) | (ii) controlled trust ledger accounts, | ||
| (a) | (iii) insolvency arrangement ledger accounts. | ||
| (a) | Total (i) + (ii) + (iii) | ||
| (b) | Debit balances include in (a), which are not offsettable by credit balances as shown by: | ||
| (b) | (i) client ledger accounts, | ||
| (b) | (ii) controlled trust ledger accounts, | ||
| (b) | (iii) insolvency arrangement ledger accounts. | ||
| (b) | Total (i) + (ii) + (iii) | ||
| (c) | Gross liabilities (i.e. addition of (a) plus (b)) in respect of: | ||
| (c) | (i) clients, | ||
| (c) | (ii) controlled trusts, | ||
| (c) | (iii) insolvency arrangements. | ||
| (c) | Total (i) + (ii) + (iii) | ||
| (d) | Balance on control accounts in respect of: | ||
| (d) | (i) clients, | ||
| (d) | (ii) controlled trusts, | ||
| (d) | (iii) insolvency arrangements. | ||
| (d) | Total (i) + (ii) + (iii) | ||
| (e) | Moneys held as per bank statements in: | ||
| (e) | (i) client accounts, | ||
| (e) | (ii) controlled trust accounts, | ||
| (e) | (iii) insolvency arrangement accounts. | ||
| (e) | Total (i) + (ii) + (iii) | ||
| (f) | Outstanding bank lodgements cleared within three banking days in respect of: | ||
| (f) | (i) client accounts, | ||
| (f) | (ii) controlled trust accounts, | ||
| (f) | (iii) insolvency arrangement accounts. | ||
| (f) | Total (i) + (ii) + (iii) | ||
| (f) | Outstanding bank lodgements cleared later than within three banking days in respect of: | ||
| (f) | (i) client accounts, | ||
| (f) | (ii) controlled trust accounts, | ||
| (f) | (iii) insolvency arrangement accounts. | ||
| (f) | Total (i) + (ii) + (iii) | ||
| (g) | Cheques / withdrawals outstanding less than six months in respect of: | ||
| (g) | (i) client accounts, | ||
| (g) | (ii) controlled trust accounts, | ||
| (g) | (iii) insolvency arrangement accounts. | ||
| (g) | Total (i) + (ii) + (iii) | ||
| (g) | Cheques / withdrawals outstanding more than six months in respect of: | ||
| (g) | (i) client accounts, | ||
| (g) | (ii) controlled trust accounts, | ||
| (g) | (iii) insolvency arrangement accounts. | ||
| (g) | Total (i) + (ii) + (iii) | ||
| (h) | Adjusted moneys held (i.e. (e) plus (f) minus (g)) in: | ||
| (h) | (i) client accounts, | ||
| (h) | (ii) controlled trust accounts, | ||
| (h) | (iii) insolvency arrangement accounts. | ||
| (h) | Total (i) + (ii) + (iii) | ||
| (i) | Surplus / deficit (i.e. (h) minus (c)) in respect of: | ||
| (i) | (i) client accounts, | ||
| (i) | (ii) controlled trust accounts, | ||
| (i) | (iii) insolvency arrangement accounts. | ||
| (i) | Total (i) + (ii) + (iii) |
REPORTING ACCOUNTANT’S REPORT
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APPENDIX 4
Explanation(s) of differences arising as between:
- (i) gross liabilities as shown by ledger accounts in respect of clients, controlled trusts and insolvency arrangements; and,
- (ii) balance on the control accounts in respect of clients, controlled trusts and insolvency arrangements; and,
- (iii) total moneys held in client accounts, controlled trust accounts and insolvency arrangement accounts, as verified by the relevant bank statements, after adjustment for outstanding cheques/withdrawals and lodgements, is/are set out and explained hereunder:
REPORTING ACCOUNTANT’S REPORT
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APPENDIX 5
OFFICE BALANCING STATEMENT
(information extracted from the solicitor(s) accounting records)
| Name of Firm: | Name of Firm: | Name of Firm: |
| Accounting Period: From........................20....... To............................ 20...... | Accounting Period: From........................20....... To............................ 20...... | Accounting Period: From........................20....... To............................ 20...... |
| € | ||
| (a) | Balance on office ledger control account: | |
| (b) | Net total of debit and credit balances on office ledger: | |
| (c) | Credit balances included in the list of office ledger balances (relating to all matters) not offsettable by debit balances: | |
| (d) | Reasons for the above credit balances: | |
| (d) | (i) Professional fees not debited: | |
| (d) | (ii) Outlays inappropriately lodged to office account: | |
| (d) | (iii) Other reason(s) as per details set out below:** |
[** Delete if inapplicable]
REPORTING ACCOUNTANT’S REPORT
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APPENDIX 6
Client ledger balances outstanding for two years or more at the accounting date
REPORTING ACCOUNTANT’S REPORT
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APPENDIX 7
Instructions relating to completion of Reporting Accountant’s Report
Where the space provided is inadequate to list all of the partners in a firm of solicitors, a separate schedule may be appended to the Report.
Each place of business of a firm and any associated firm must be the subject of the Reporting Accountant’s examination and be covered by the Report. If a particular place of business is not so covered, the reason must be stated by the Reporting Accountant in the Report.
Where the space provided in respect of any of the appendices to the Report is inadequate, any explanations and elaborations may be set out on the headed notepaper of the Reporting Accountant and appended to the Report. Where this occurs, reference should be made to the existence of the appended document in the relevant appendix.
Completion of the Form of Acknowledgement is required pursuant to Regulation 27 of the Solicitors Accounts Regulations 2023.
The Report, when completed, either in hard copy or electronic format, should be furnished directly by the Reporting Accountant to the Registrar of Solicitors, Law Society of Ireland, Blackhall Place, Dublin 7, accompanied by a covering letter on the headed notepaper of the Reporting Accountant; and a copy thereof should be furnished at the same time to the firm concerned.
Blank copies of this Report may be obtained from the Law Society of Ireland on request. The format of the Report may be reproduced on the Reporting Accountant’s headed notepaper. Where so reproduced, it must be reproduced without abbreviation, in the format set out in the Schedule to the Solicitors Accounts Regulations 2023.
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