ATTORNEYS FIDELITY FUND
Compliance Support Program
Client Name:
Period:
Prepared By:
Date:
Reviewed By:
Reviewed Date:
Subject:
4. TRANSFERS
INSPECTION PROCEDURE:9. Calculate the trust position of the firm and test balances on the trust tr
10. Ensure that no deficit occurred. If they did, then:a. Were such deficits reported in writing to the KZNLS?
b. Were satisfactory steps taken to rectify them?
11. On a test basis, agree transfers from the trust to the business
accounts through the cashbook with appropriate schedules of
transfers or the transfer journal.
12. Is the amount transferred supported by identifiable corresponding
entries appearing in its trust ledger.
13. At the closing date and the date selected, identify all trust debit
balances, and determine the cause thereof.
a. Have these been reported to the KZNLS?
21(3)(a)
21(3)(a)
21(10)
21(5)(b)
21(6)(b)
20(6)(a)(i)
20(6)(b)
Scores
0
0
0
21(3)(b)
0
21(3)(e) &
21(10)
b. Were satisfactory steps taken to rectify them?
14. Examine the final trust transfer of the month, to ensure the full
amount was banked timeously.
Total Inspection Score
20(6)(a)(i)
0
0
SUPPORT PROCEDURE:-
Scores
9. Review the determination and calculation method of the trust
transfers and advise practitioner on deficiencies and frequency of
transfers.
21(3)(a)
10. With reference to the inspection findings, advise the practitioner on
required actions in the event of a deficit occurring.
21(3)(a)
a. Verify against information received by the KZNLS.
b. Were deficits reported in writing to the KZNLS and discuss
process with the practitioner and highlight the risks associated with
deficits in trust funds.
c. Identify the cause of the deficits and discuss corrective action
required to resolve the position and controls required to avoid similar
deficits in the future.
d. Review steps taken to rectify the deficits to ensure satisfactory.
0
21(10)
0
11. Demonstrate to the practitioner the importance of the reconciliation
of transfers between the trust and business accounts with reference
to the inspection findings. Explain the objective of ensuring
completeness and accuracy and the impact on the business should
this be incorrect and/or not performed as a critical control measure.
21(5)(b)
21(6)(b)
20(6)(a)(i)
12. Explain the effect of the related journal entries required to record the
trust transfers having consideration for fees, disbursements, VAT,
etc. and highlight the required supporting documents that are
required to support the general ledger entries.
20(6)(b)
13. Based on the inspection findings, identify all trust debit balances,
and determine the cause thereof.
a. Confirm that these have been reported to the KZNLS?
21(3)(b)
0
0
0
21(3)(e) &
21(10)
b. Were satisfactory steps taken to rectify them?
c. Discuss with the practitioner adequate internal controls required
to avoid these debit balances in future.
d. Highlight to the practitioner the future risks associated with debit
balances.
14. With reference to the inspection findings, examine the final trust
transfer of the month, to ensure the full amount was banked
timeously and highlight the risk to the practitioner if issues were
raised.
Total Support Score
20(6)(a)(i)
0
0
y - Yes
n - No
a - Satisfactory
x - Concerned
Client Name:
Inspection Period:
Subject:
0
0
4. TRANSFERS
INSPECTION PROCEDURE:
9. Calculate the trust position of the firm.
Inspection work:
Date
Trust Creditors
Trust Creditors Control (TB)
Trust Creditors Listing
Difference
Period End
Amount
Mid Year
Amount
0
0
0
0
0
0
Trust Bank Accounts
Trust Bank s78(1)
Estates
s78(2A)
s78(2)(a)
Trust Creditors Listing
Surplus/(Deficit)
Conclusion:
Score: 9
Prepared by:
Date:
Reviewed by:
Date:
0
00/01/1900
0
00/01/1900
y - Yes
n - No
a - Satisfactory
x - Concerned
Client Name:
Support Period:
Subject:
0
0
4. TRANSFERS
SUPPORT PROCEDURE:
9. Review the determination and calculation method of the trust
transfers and advise practitioner on deficiencies and frequency
of transfers.
Support work:
Date
Trust Creditors
Trust Creditors Control (TB)
Trust Creditors Listing
Difference
Month 1
Amount
Month 2
Amount
Month 3
Amount
Month 4
Amount
Month 5
Amount
Month 6
Amount
Month 7
Amount
Month 8
Amount
Month 9
Amount
Month 10
Amount
Month 11
Amount
Month 12
Amount
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Trust Bank Accounts
Trust Bank s78(1)
Estates
s78(2A)
s78(2)(a)
Trust Creditors Listing
Surplus/(Deficit)
Transfers to/(from) business
Transfers (to).from trust
Conclusion:
Score: 9
Prepared by:
Date:
Reviewed by:
Date:
0
00/01/1900
0
00/01/1900
y - Yes
n - No
a - Satisfactory
x - Concerned
Client Name:
Inspection Period:
Subject:
0
0
4. TRANSFERS
INSOECTION PROCEDURE:10. Ensure that no deficit occurred. If they did, then:a. Were such deficits reported in writing to the KZNLS?
b. Were satisfactory steps taken to rectify them?
Inspection work
Date
Amount
Conclusion:
Score: 10
Prepared by:
Date:
Reviewed by:
Date:
0
00/01/1900
0
00/01/1900
a
b
y - Yes
n - No
a - Satisfactory
x - Concerned
Client Name:
Support Period:
Subject:
0
0
4. TRANSFERS
SUPPORT PROCEDURE:10. With reference to the inspection findings, advise the practitioner on required
actions in the event of a deficit occurring.
a. Verify against information received by the KZNLS.
b. Were deficits reported in writing to the KZNLS and discuss process with the
practitioner and highlight the risks associated with deficits in trust funds.
c. Identify the cause of the deficits and discuss corrective action required to
resolve the position and controls required to avoid similar deficits in the future.
d. Review steps taken to rectify the deficits to ensure satisfactory.
Support work:
Date
Amount
Conclusion:
Score: 10
Prepared by:
Date:
Reviewed by:
Date:
0
00/01/1900
0
00/01/1900
a
b
c
d
y - Yes
n - No
a - Satisfactory
x - Concerned
Client Name:
Inspection Period:
Subject:
0
0
4. TRANSFERS
Objective:
To verify the validity of transfers from trust account to business account of
attorneys.
INSPECTION PROCEDURE:11. On a test basis, agree transfers from the trust to the business accounts
through the cashbook with appropriate schedules of transfers or the
transfer journal.
Inspection work:
Date
Transfer
Conclusion:
Score: 11
Prepared by:
Date:
Reviewed by:
Date:
0
00/01/1900
0
00/01/1900
Compliance
y - Yes
n - No
a - Satisfactory
x - Concerned
Client Name:
Support Period:
Subject:
0
0
4. TRANSFERS
Objective:
To verify the validity of transfers from trust account to business account of
attorneys.
SUPPORT PROCEDURE:11. Demonstrate to the practitioner the improtance of the reconciliation of transfers
between the trust and business accounts with reference to the inspection
findings. Explain the objective of ensuring completeness and accuracy and the
impact on the business should this be incorrect and/or not perfromed as a critical
control measure.
Support work:
Date
Transfer
Conclusion:
Score: 11
Prepared by:
Date:
Reviewed by:
Date:
0
00/01/1900
0
00/01/1900
Compliance
y - Yes
n - No
a - Satisfactory
x - Concerned
Client Name:
Inspection Period:
Subject:
0
0
4. TRANSFERS
INSPECTION PROCEDURE:12. Is the amount transferred supported by identifiable corresponding entries
appearing in its trust ledger.
Inspection work:
Conclusion:
Score: 12
Prepared by:
Date:
Reviewed by:
Date:
0
00/01/1900
0
00/01/1900
y - Yes
n - No
a - Satisfactory
x - Concerned
Client Name:
Support Period:
Subject:
0
0
4. TRANSFERS
SUPPORT PROCEDURE:12. Explain the effect of the related journal entries required to record the trust
transfers having consideration for fees, disbursements, VAT, etc. and highlight
the required supporting documents that are required to support the general
ledger entries.
Support work:
Conclusion:
Score: 12
Prepared by:
Date:
Reviewed by:
Date:
0
00/01/1900
0
00/01/1900
y - Yes
n - No
a - Satisfactory
x - Concerned
Client Name:
Inspection Period:
Subject:
0
0
4. TRANSFERS
INSPECTION PROCEDURE:13. At the closing date and the date selected, identify all trust debit balances,
and determine the cause thereof.
a. Have these been reported to the KZNLS?
b. Were satisfactory steps taken to rectify them?
Inspection work:
File Ref:
Debit
Conclusion:
Score: 13
Prepared by:
Date:
Reviewed by:
Date:
0
00/01/1900
0
00/01/1900
Cause
Reported
Date
y - Yes
n - No
a - Satisfactory
x - Concerned
Client Name:
Support Period:
Subject:
0
0
4. TRANSFERS
SUPPORT PROCEDURE:13. Based on the inspection findings, identify all trust debit balances, and determine the cause thereof.
a. Confirm that these have been reported to the KZNLS?
b. Were satisfactory steps taken to rectify them?
c. Discuss with the practitioner adequate internal controls required to avoid these debit balances in future.
d. Highlight to the practitioner the future risks associated with debit balances.
Support work:
File Ref:
Debit
Conclusion:
Score: 13
Prepared by:
Date:
Reviewed by:
Date:
0
00/01/1900
0
00/01/1900
Cause
Controls
Reported
Date
y - Yes
n - No
a - Satisfactory
x - Concerned
Client Name:
Inspection Period:
Subject:
0
0
4. TRANSFERS
INSPECTION PROCEDURE:14. Examine the trust transfer as at year end and ensure the full amount was banked
timeously.
Inspection work:
Conclusion:
Score: 14
Prepared by:
Date:
Reviewed by:
Date:
0
00/01/1900
0
00/01/1900
y - Yes
n - No
a - Satisfactory
x - Concerned
Client Name:
Support Period:
Subject:
0
0
4. TRANSFERS
SUPPORT PROCEDURE:14. With reference to the inspection findings, examine the final trust transfer of the
month, to ensure the full amount was banked timeously and highlight the risk to
the practitioner if issues were raised.
Support work:
Conclusion:
Score: 14
Prepared by:
Date:
Reviewed by:
Date:
0
00/01/1900
0
00/01/1900