All law firms in Fiji have been told to submit their Trust Account Audit Report and Trustees Statement to the Chief Registrar by December 2.
In a directive issued on September 30, chief rRegistrar Tomasi Bainivalu said under the Trust Accounts Act 1996, all law firms were required to have their trust accounts audited by a person or firm which was the holder of a current Certificate of Public Practice issued by the Fiji Institute of Accountants.
He said all audited reports and trustee’s statements should reach his office no later than December 2, 2024.
Requests for an extension of time must be made to the Minister for Justice.
He said failure to comply with Section 12(1) & 12(3) of the Trust Accounts Act 1996 without reasonable explanation “may result in the suspension of the practising certificate of the principal and partners of law firms”.
Mr Bainivalu added all practitioners or law firms who have a trust account or who have opened a trust account between October 1, 2023, to September 30, 2024, must carry out an audit of the trust account irrespective of whether any transaction or movement took place in the trust account.
