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Law Society of Scotland Audit Compliance Guidance

  • 05/02/2025
  • Knowledge

How To
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This Guidance details how to comply with the Law Society of Scotland's audit requirements across both LEAP and Xero. 

ArtefactWhere
Copy of the Last Signed Annual AccountsNot a software requirement
Firm Trial Balance as at last financial year endXero - Trial Balance
Firm Trial Balance as at the most recent Accounts Certificate dateXero - Trial Balance
Client Trial Balance as at the most recent Accounts Certificate dateLEAP - Client Trial Balance report
Client Trial BalanceLEAP - Client Trial Balance report
Invested Funds ListingLEAP - Separate Designated Client Accounts Listing of Accounts report
Nominal ledger print out of all Client Banks for the full monthLEAP - Bank Account Register (this is effectively the control account per bank)
Surplus StatementLEAP - Matter Float report
Invested Funds Reconciliations, for all accounts, for the last three monthsLEAP - Separate Designated Client Accounts Statement report with supporting bank statement
All Passbooks/Statements etc. relating to Invested Funds, including Closed AccountsNot a software requirement
Records of any Bridging Loans (If not recorded in Invested Funds), if applicableNot a software requirement
Client Bank Reconciliations, for all accounts, for the last three monthsLEAP - Bank Reconciliation report
Client Bank Statements, for all accounts, for the last three monthsNot a software requirement
Firm Bank Reconciliations, for all accounts, for last three monthsXero > Bank Accounts > Reconcile Accounts
Firm Bank Statements, for all account, for the last three monthsNot a software requirement
Any other Statements/Passbooks held by a practice unitNot a software requirement
All Loan Agreements and Statements/ HP AgreementsNot a software requirement
Nominal ledger print of all Loan Accounts, since the beginning of the current financial yearXero - Accounts (Choose the account that you need and print for the period required)
Nominal ledger print of Commission Account, since the beginning of the current financial yearXero - Accounts (Choose the account that you need and print for the period required)
Nominal ledger print of Managers' Drawings Accounts, since the beginning of the current financial yearXero - Accounts (Choose the account that you need and print for the period required)
Client Ledger Print of Holding Ledger, for the last three monthsLEAP > Holding Matter > Client Ledger
Inter Client Transfer Record, for the last three months (If manual system)LEAP - Client Accounts Journal report
Daybooks or Cashbook, for Firm and Client, for the last three monthsLEAP for matter-based transactions: Other transactions specifically for the firm can be tracked through Xero using the Account Transactions reports. All reports should be saved to the LEAP Float Matter under the designated folder for each day.
Surplus Statements, for the last three monthsLEAP - Matter Float report
Access to all Client Ledgers including Clients/ Archived LedgersLEAP (All transactions are retained permanently in LEA and cannot be removed)
SLAB Remittance Advices, for the last three monthsNot a software requirement
List of Power of Attorney and any Statements/ Cheque Books help by the practice unitNot a software requirement
All Anti Money Laundering Documentation to include:
  • Firm Legal AML Risk Assessment
  • Policies & Procedures
  • Staff Training records
  • MRLO File Reviews
Not a software requirement
Most recent VAT returnXero > Reports > VAT Return
PAYE Payslip Booklet (Or confirmation of most recent payment)Not a software requirement
Last Modified Date
5/02/2025 1:57 am
Title
Law Society of Scotland Audit Compliance Guidance
URL Name
Law-Society-of-Scotland-Audit-Compliance-Guidance

Resolution
Office AccountingClient Accounting
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Law Society of Scotland Audit Compliance Guidance