An Alert on the Latest Publications from the Legal Practitioners Fidelity Fund

The Legal Practitioners Fidelity Fund (LPFF) recently published the latest version of the communications listed below, applicable to legal practitioner trust accounts. Auditors are advised to refer to the latest publications when performing reasonable assurance engagements on legal practitioner trust accounts.

1. Updated list of banks that have entered into banking arrangements with the LPFF
2. Section 86(2) and (3) – Manual trust interest payments
3. Payment of unclaimed and unknown trust monies, in terms of Section 87(4) of the LPA
4. Payment of trust interest accrued on trust accounts to the LPFF, in terms of LPA and LPC rules
5. Revised application form for refund of bank charges and audit fees
6. Communication – AUP report on the application for a refund of bank charges and audit fees form
7. List of recoverable and non-recoverable bank charges.

The publications are available on the LPFF website: https://www.fidfund.co.za/trust-accounts/