|Address||Cambridge, ON, Canada
For Law Firms:
- Spot Audit preparation, representation and follow-up
- Monthly trust reconciliations guaranteed to meet LSUC requirements
- Record reconstruction
- Estate and trust accounting in court passing form
- Personal, business and corporation income tax, HST
I am a former Auditor/Supervisor with the Law Society of Upper Canada available to provide assistance to law firms. I have over 14 years experience conducting Spot Audits and reviewing completed audit files. I helped develop and maintain the Bookkeeping Guide for law firms and developed the audit program in use by all LSUC auditors. I know the major issues and how to fix the problems before they become issues between your firm and the LSUC. Prior to working with the LSUC, I spent over 14 years at Canada Revenue Agency primarily in Special Investigations.
Ted Sheehan BA, CPA, CGA
- former LSUC auditor/supervisor
- former CRA auditor/investigator
What does a Spot Audit Cost? It's free, isn't it?
Ask any lawyer that has recently experienced a Spot Audit. While you don't receive an invoice for the process, the time and cost for you and your staff to prepare for the audit and respond to LSUC questions, documentation requests and ongoing monitoring are often significant.
Firms with fewer than 10 lawyers and sole-practitioners are subject to audit more than twice as often as large firms per LSUC policy. The LSUC measures the effectiveness of the Spot Audit Department based upon the number of concerns found and the number of referrals from Spot Audit to discipline.
If you are concerned about the state of your records, have been contacted for a Spot Audit or Practice Review or have recently been visited by an auditor/reviewer, give me a call. I can help. The LSUC uses professional auditors specialized in looking for compliance problems with LSUC by-laws. You need a specialist working for you. I can work with virtually any type of bookkeeping system, manual or computerized, and assist you and your staff to become fully compliant.
The average Spot Audit requires an auditor to spend 2+ days in a law office to complete record review. In over 40% of these audits, additional follow-up with the firm is required lasting in excess of 60 days. Beyond the significant costs to your firm in terms of costs to deal with the audit, if follow-up is required, it can lead to referral to discipline and possible discipline action.
You have a significant investment in your firm and your profession. Don't let compliance problems with your financial records harm your business. I can help make any concerns go away so that you can concentrate on your business.