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LEGAL PROFESSION UNIFORM LAW (NSW) - SECT 155
Appointment of external examiner to conduct external examination of trust records
155 Appointment of external examiner to conduct external examination of trust
records
(1) A law practice must once in each financial year have its trust records
externally examined by a suitably qualified person appointed in accordance
with the Uniform Rules as an external examiner. Civil penalty: 50 penalty
units.
(2) The designated local regulatory authority may examine, or may in
writing appoint a suitably qualified person as an external examiner to
examine, a law practice's trust records if the designated local regulatory
authority is not satisfied-- (a) that the law practice has had its trust
records externally examined as required by this section; or
(b) that an
external examination of the law practice's trust records has been carried out
in accordance with the Uniform Rules.
(3) An appointment by the designated
local regulatory authority may be made generally or for the law practice
specified in the instrument of appointment, or in relation to a particular
external examination.
(4) If the only trust money received or held by a law
practice during a financial year is transit money, its trust records in
respect of that year are not required to be externally examined.
(5) The
designated local regulatory authority may exercise the functions of an
external examiner, and references in this Law to an external examiner
appointed to examine a law practice's trust records include references to the
designated local regulatory authority when exercising those functions.
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