For any Law Practitioner, the Law Society requires an audit of the trust records at 31st March each year under the Law Professional Uniform Law (NSW).
The Law Society website sets this out as follows:
Appointing an external examiner
Your law practice must appoint an external examiner to complete a written external examiner’s report on your trust records, which the examiner then forwards to the Law Society by 31st May each year.
Law practices are required to notify the Law Society of the person appointed as their external examiner and must also notify the Law Society when they terminate an appointment.
To notify the Law Society complete the Notification of appointment or cessation of external examiner form and return it completed to the Trust Accounts Department. Further, prior to terminating the appointment of an external examiner the law practice is required to seek the approval of the designated local regulatory authority – the Law Society. To request approval, complete the Request for Approval for Termination of External Examiner form.
If you require an audit of a Trust account prior to the date of 31 May 2019, please notify our office as we are currently conducting the audit for practitioners.