New video of what to expect when a solicitor is inspected
A new film about the work of their financial compliance inspectors and what to expect from an inspection, has been produced by the Law Society of Scotland.
The short video, which can be viewed on the Society's website, gives a step-by-step guide of how to prepare for an inspection, what will happen during an inspection and the follow-up work after an inspection.
Every firm is inspected by the Society's financial compliance team as part of a rolling programme every three years, or more frequently if needed.
Ian Messer, Director of Financial Compliance, said: "Information is available on our website and we send a letter to the cash room manager in advance explaining what will happen during the course of the inspection. However, having a short film showing a mock inspection is a great way of illustrating what goes on and will hopefully help inspections run smoothly.
"The idea of the film is to help solicitors prepare for the inspection and highlight the work of our team of inspectors, some of whom appear in the film.
"Inspections are an important protection for the public, who sometimes entrust solicitors with all their life savings, or significant business funds, which their solicitors hold in clients accounts."
Michelle Mullen, Executive Director of Regulation at the Institute of Chartered Accountants of Scotland, said it was an "informative video which provides helpful and clear guidance to firms about the inspection process, and highlights the way in which regulators protect the public interest through monitoring activities."
To watch the film please go the inspections section.
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04 April 2014