The Reform Audit Support System (RASS) has been sponsored and supported by the Attorneys Fidelity Fund (AFS) since inception. The project was originally piloted by the Kwazulu-Natal Law Society. The AFS has officially taken over RASS as a permanent project. So what is this project and will it assist you as an attorney?
What is the Reform Audit Support System?
The program was initiated to assist attorneys and the attorneys fidelity fund to:
- reduce the cost of audits;
- reduce the risk of fraud and the theft of trust funds;
- assist attorneys in understanding the applicable Law Society Rules and sections of the Attorneys Act and how to apply them in their attorneys trust accounting.
Audits verses RASS inpections
RASS was established as an alternative to audits offered by auditing firms. The RASS project is funded by the Attorneys Fidelity Fund. This means that an attorney would not need to pay to have inspections done by RASS. If an attorney were not on the RASS program, they would have to pay for the audit of their firm’s trust accounts. RASS is free.With the amendments in the companies act, which minimise the audit requirement of incorporated companies, their are great advantages of moving to the RASS project and not needing your auditor any longer.
Should you be scared of RASS?
If you have stolen trust money, best you own up quick.RASS is a system to help attorneys to comply. Our experience with RASS has been positive. They try to assist attorneys to correct any errors in trust accounts.
How can you join RASS?
To join the Reform Audit Support System you will need to complete their application form and be placed on their waiting list. We would be happy to assist you in this process.
How can Business Soul Accounting assist?
We are very experienced in attorneys trust accounting. In fact, Sheldon Conway, our director, was a senior member of the Reform Audit Support System. We have a good understanding of the RASS system and the requirements that need to be fulfilled.Since 2001, we have been assisting attorneys with their trust accounting. As professional accountants and tax practitioners we can help prepare your business annual financial statements, management accounts and tax returns. With our intricate knowledge of attorneys trust accounting we can help solve any problems you may have and resolve any concerns in the correct manner.