Every year, every Trust Account will get audited progressively from 1 April through to 31 May.
The Queensland Law Society can also decide to audit the Trust Account at other times of the year upon their discretion.
This page will assist you in getting ready for an audit including what reports to run and how to run them.
Please note that this is a guide only and it is up to the user to ensure they have all required documentation prepared for their audit.
Reports Required & how to run them
Monthly
Throughout the year, you will have needed to keep a record of all your monthly trust reports including:
Bank Reconciliation Report
Trust Cash Receipts by Date
Trust Payments by Date
Trial Balance
Trust Matter Ledger
Trust Matter Transfers
These can be located within Wise Owl Legal by going to Reports > Trust Reports and selecting the relevant report from the list.
The dates for these will default to the last month's dates but can be overridden when required.
Whole Year Reports
At the end of the Trust Year (after the the 31 March Bank Reconciliation is finalised), you will need to run the following reports for the whole trust year.
That is from 1 April previous year to 31 March this year.
Trust Cash Receipts by Date
Trust Payments by Date
Trial Balance
Trust Matter Ledger
Trust Matter Overdrawn
Trust Stale Balance
Again, these reports can be located within Wise Owl Legal by going to Reports > Trust Reports and selecting the relevant report from the list.
Depending on the report you open will change the dates automatically selected. Simply change them to the desired date range you want to search for and search.