Published: 30 November 2018
Pages: 104

Welcome to the Trust Account Supervisor Training Programme.

Since 1 April 1998, trust accounting has been regulated by the Law Society’s Financial Assurance Scheme. The provisions of the Scheme require each practice to appoint a Trust Account Supervisor where it receives money for, or on behalf of, any person. (Refer to Regulation 16 of the Lawyers and Conveyancers Act (Trust Account) Regulations 2008.)

This programme has been designed for those who wish to become a Trust Account Supervisor (refer to Regulation 19) in compliance with the requirements of the Financial Assurance Scheme. This manual is the set text, and details of the assessment requirements are set out in the workbook (folder).

To begin the programme, please read the introduction in the workbook which contains information about distance learning, competency-based assessment, completing the observation report, the assessment day and assessment procedures. You should then work your way through the manual, completing the practice exercises in the workbook as you go.

We trust that you will find the course helpful in your practice.

Inspectorate Manager
New Zealand Law Society
January 2018

Content outline

• Introduction to Trust Accounting
• Introduction – Obligations of law practices under the requirements of the New Zealand Law Society financial assurance scheme
• Module 1 – Recording trust account transactions
• Module 2 – Processing trust account transactions
• Module 3 – Trust account reconciliation
• Module 4 – Key internal controls of the trust account
• Module 5 – Month end review and reporting to the Law Society
• Module 6 – Risk management
• Module 7 – Professional obligations when irregularities are suspected