Law Society of Scotland Audit Compliance Guidance

Feb 5, 2025
Knowledge

How To

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

Artefact	Where
Copy of the Last Signed Annual Accounts	Not a software requirement
Firm Trial Balance as at last financial year end	Xero - Trial Balance
Firm Trial Balance as at the most recent Accounts Certificate date	Xero - Trial Balance
Client Trial Balance as at the most recent Accounts Certificate date	LEAP - Client Trial Balance report
Client Trial Balance	LEAP - Client Trial Balance report
Invested Funds Listing	LEAP - Separate Designated Client Accounts Listing of Accounts report
Nominal ledger print out of all Client Banks for the full month	LEAP - Bank Account Register (this is effectively the control account per bank)
Surplus Statement	LEAP - Matter Float report
Invested Funds Reconciliations, for all accounts, for the last three months	LEAP - Separate Designated Client Accounts Statement report with supporting bank statement
All Passbooks/Statements etc. relating to Invested Funds, including Closed Accounts	Not a software requirement
Records of any Bridging Loans (If not recorded in Invested Funds), if applicable	Not a software requirement
Client Bank Reconciliations, for all accounts, for the last three months	LEAP - Bank Reconciliation report
Client Bank Statements, for all accounts, for the last three months	Not a software requirement
Firm Bank Reconciliations, for all accounts, for last three months	Xero > Bank Accounts > Reconcile Accounts
Firm Bank Statements, for all account, for the last three months	Not a software requirement
Any other Statements/Passbooks held by a practice unit	Not a software requirement
All Loan Agreements and Statements/ HP Agreements	Not a software requirement
Nominal ledger print of all Loan Accounts, since the beginning of the current financial year	Xero - 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 year	Xero - 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 year	Xero - Accounts (Choose the account that you need and print for the period required)
Client Ledger Print of Holding Ledger, for the last three months	LEAP > 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 months	LEAP for matter-based transactions: Client Receipt Cashbook report Client Payments Cashbook report Client Accounts Journals report Office Receipts report Office Payments report Invoices report 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 months	LEAP - Matter Float report
Access to all Client Ledgers including Clients/ Archived Ledgers	LEAP (All transactions are retained permanently in LEA and cannot be removed)
SLAB Remittance Advices, for the last three months	Not a software requirement
List of Power of Attorney and any Statements/ Cheque Books help by the practice unit	Not 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 return	Xero > 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

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Law-Society-of-Scotland-Audit-Compliance-Guidance

Resolution

Law Society of Scotland Audit Compliance Guidance

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