Trust Account Check-Ups and Compliance

Trust Account Checkups – Chapter 5, Rules Regulating Trust Accounts and The Florida Bar Foundation, Inc. Interest on Trust Accounts (IOTA) Program – Compliance Evaluations, Practical Tips and Best Practices

A law school education does not prepare lawyers to run a law practice. Even though non-compliant trust accounts are some of the most serious disciplinary violations, most law schools do very little to teach lawyers how to set up and maintain a trust account that fully complies with Chapter 5 of the Rules Regulating the Florida Bar.  Debra Davis, a lawyer, certified public accountant, and former Florida Bar trust auditor, enjoys helping lawyers understand their trust account responsibilities. Whether you are just setting up a law firm or want to ensure that your procedures and records are fully compliant, we can provide straight-forward advice and practical steps to achieving and maintaining a trustworthy trust account.

• Initial consultation to determine existing trust accounting systems, practices, and procedures
• Identify all law firm trust accounts and signatories
• Provide trust accounting resources and training materials
• Assist with setting up and closing trust accounts and required Florida Bar Foundation forms
• Referrals to qualified Certified Public Accountants and bookkeepers as needed
• Review written Trust Account Plan, if required by Rule 5-1.2(c)(1)
• Confirm maintenance of required Minimum Trust Accounting Records
• Confirm performance of required Minimum Monthly Trust Accounting Procedures
• Verify the trust account is reconciled and ending balances per reports agree
• Analyze Bank Reconciliations and Monthly Comparisons
• Identify issues requiring research and action, such as stale checks and old balances
• Provide guidance for diligent search and inquiry to locate missing beneficial owners
• Assist with Florida Unclaimed Property reporting as may be required