Accounting for Attorney Trusts
Presenters : Lettie Janse van Vuuren CA(SA)
Overview
Proper accounting for attorney trusts is an important aspect of practice management. It ensures the safeguarding of client funds and compliance with regulatory requirements. This webinar provides an in-depth examination of the regulatory frameworks that govern the management of attorney trust accounts as well as best practices for maintaining accurate records.
Join Lettie Janse van Vuuren CA(SA) as she provides insights into the regulatory frameworks that govern the management of attorney trust accounts and how you can ensure compliance and prevent common pitfalls.
Learning objectives
Attending this webinar will equip you with the following skills:
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Understand the key principles and standards governing legal practitioners’ trust accounts.
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Understand the legal and ethical obligations in managing client funds.
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Know how to properly account for trust account transactions.
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Know the importance of performing reconciliations on trust accounts.
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Learn how to comply with the relevant reporting obligations that are mandatory for legal practitioners’ trust accounts.
Content
The webinar will cover the following topics:
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Introduction to Attorney Trust Accounts.
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Definition and purpose.
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Overview of the fiduciary duties of attorneys handling client funds.
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Objectives.
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Responsibilities.
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Limitations.
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Money laundering risks.
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Maintaining client trust and compliance.
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Legal and Ethical Requirements for Trust Account Management.
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Regulatory framework and standards.
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Section 86 of the South African Legal Practice Act, 2014.
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Compliance requirements.
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Role of the LPC.
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Role of the LPFF.
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Existing guidelines regarding legal practitioners 'trust accounts.
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Trust Account Processes and Methodologies:
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Procedures for setting up and maintaining trust accounts.
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Proper record-keeping and reconciliation techniques.
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Best practices for handling deposits, disbursements and transfers.
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Reporting and Communication:
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Analysis of reporting requirements and best practices.
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Understanding the implications of non-compliance and reporting deficiencies.
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