Advocates, Auditing

Assignment Help:

Advocates

The statutory provision regulating the handling of client’s monies is covered in the advocate's act.

Principle of the rules:

  • To require a lawyer to keep client's money separate from his own money;
  • To ensure that a lawyer keeps adequate records of his transactions so that his books show money received and paid and balance held on account of each client;
  • To ensure that one client's money is clearly distinguished from that of other clients and from any other money passing through the lawyer's accounts.

 

Wide effects of the rules:

  • That money received by a lawyer who does not belong to him should be dealt with through the client account;
  • That his own money is kept in an office account.

 


Related Discussions:- Advocates

Auditor''s duties - audit of current assets, Auditor's Duties - Audit of Cu...

Auditor's Duties - Audit of Current Assets The auditor's duties can be summarized as follows: a) The accounting ascertaining policies adopted through the entity for pri

Deposits and share - building society, Deposits and Share - Building Societ...

Deposits and Share - Building Society Shares may make of subscription shares and paid up shares. Interest on shares might be credited to ensure specific control to the account

Subsequent events - audit process, Subsequent Events - Audit Process I...

Subsequent Events - Audit Process IAS 10 Events after the Balance Sheet Date prescribes the accounting for, and disclosure of, events than the balance sheet date. Events th

Relevance, Relevance The auditor obtains evidence either through compli...

Relevance The auditor obtains evidence either through compliance testing of the internal controls or through substantive tests of the information contained in the financial sta

Internal controls and process improvement, how do internal controls affect ...

how do internal controls affect or improve the goals of a bussiness firm

Assertions about disclosure, Assertions about disclosure Assertions ...

Assertions about disclosure Assertions about disclosure and presentation : a) Rights and Occurrence and obligations -disclosed transactions and events and other issues

Communication with expert, Communication with Expert Whether the audit...

Communication with Expert Whether the auditor intends to utilize the work of an expert then he must communicate along with the expert well in advance to confirm the terms of e

Companies modes of operation, Companies Modes of Operation Some compani...

Companies Modes of Operation Some companies (especially small ones) operate without any overtly expressed plan and simply carry out the business as always, responding to market

Permanent audit file, Permanent Audit File The permanent audit file mig...

Permanent Audit File The permanent audit file might include, inter alia: a) A copy of the enterprise's statutes and other legal or statutory documents governing the enterpri

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd