Revised, Transitional Assurance Report of the Independent Auditor on Attorneys' Trust Accounts
Johannesburg / 29 August 2008
In the previous IRBA's communication to the Registered Auditors dated 8 August 2008 regarding the audit of the Attorneys' Trust Accounts, it was indicated that the Council of the Free State Law Society would be meeting on 22 August 2008 to discuss the revised transitional report format and to give its approval. In the interim, reports in the format of that issued by the IRBA in 2007 were to be issued for reports submitted to the Free State Law Society prior to 22 August 2008.
We are advised that the Council of the Free State Law Society met on 22 August 2008 and approved the use of the Revised Transitional Assurance Report of the Independent Auditor on Attorneys' Trust Accounts for the 2008 financial year end which is to be applied with immediate effect to reports that have not yet been submitted to the Free State Law Society and the Attorneys Fidelity Fund.
The Supplementary Schedule of Interest Payments that is included on page 6 of the attached assurance report is NOT subject to the auditor's assurance engagement and therefore no assurance is expressed on that schedule.
Auditors are NOT required to withdraw and re-issue their 2008 reports already submitted to the Free State Law Society and Attorneys Fidelity Fund prior to this communiqué, which are in the format of the report issued by the IRBA in 2007.
THE REVISED TRANSITIONAL ASSURANCE REPORT IS EFFECTIVE IMMEDIATELY.