Law practices are only authorized to disburse funds from its trust account via EFT with QLS approval, should the external examiner sight the letter of approval from QLS?
It should be noted that the Law Practice Statutory Declaration & Trust Money Statement (QLS Form 4 LPR) (which is to be completed by law practices and provided to external examiners at the commencement of the final examination does require law practices to state whether funds were disbursed by EFT and whether they have complied with the Society’s EFT Guidelines). If an External Examiner noted during his examination that trust funds were disbursed by a law practice and the law practice’s statement stated that it had not disbursed funds by EFT, then the External Examiner would report this at Item 2 of the External Examiner’s Report (QLS Form 5 (LPR)) The decision as to whether the External Examiner should sight the letter of approval from QLS is a decision to be made by the External Examiner.
Related Questions
- Law practices are only authorized to disburse funds from its trust account via EFT with QLS approval, should the external examiner sight the letter of approval from QLS?
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