Professional law practices have accounting and compliance requirements that can differ from those of conventional trading businesses.
ST & Partners PLT provides audit, accounting and taxation services to professional practices and businesses requiring specialist financial reporting support.
Understanding Professional Practice Accounts
Depending on the type of professional practice, financial records may involve:
- Client-related balances
- Professional fees
- Disbursements
- Trust or client accounts
- Staff costs
- Professional indemnity insurance
- Office expenses
- Partner remuneration
- Drawings
- Profit allocation
- Related-party transactions
The appropriate treatment depends on the nature of the practice and the applicable professional and accounting requirements.
Audit and Accountant’s Reports
Law practices have specific reporting requirements imposed by the Bar Council.
ST & Partners can discuss the applicable reporting requirement with management and coordinate the accounting records and supporting documentation required for the engagement.
Engage ST & Partners
If your professional practice requires an auditor, accountant or tax adviser, contact ST & Partners to discuss the nature of your practice and reporting requirements.
We can review your existing financial statements and accounting records to understand the expected scope of work.