Page 278 - IOM Law Society Rules Book

ADVOCATES ACCOUNTS RULES 2008

money under rule 16(1)(a) (or controlled trust money under rule 18(c)), and any
client money (or controlled trust money) held by the advocate in cash; and

(b) at the same date prepare a listing of all the balances shown by the client ledger
accounts of the liabilities to clients (and other persons, and controlled trusts)
and compare the total of those balances with the balance on the client cash
account; and also

(c) prepare a reconciliation statement; this statement must show the cause of the
difference, if any, shown by each of the above comparisons.

Bills and notifications of costs

(8) An advocate must keep readily accessible a central record or file of copies of:

(a) all bills given or sent by the advocate; and

(b) all other written notification of costs given or sent by the advocate;

(c) in both cases distinguishing between fees, disbursements not yet paid at the date
of the bill, and paid disbursements.

Retention of records

(9) An advocate must retain for at least six years from the date of the last entry;

(a) all documents or other records required by paragraphs (1) to (8) above;

(b) all statements and passbooks, as printed and issued by the bank, building
society or other financial institution, and/or all duplicate statements and copies
of passbook entries permitted in lieu of the originals by rule 10(3) or (4); for:

(i) any general client account or separate designated client account;

(ii) any joint account held under rule 10;

(iii) any account which is not a client account but in which an advocate holds
client money under rule 16(1)(a);

(iv) any account which is not a client account but in which controlled trust
money is held under rule 18(c); and

(v) any office account maintained in relation to the practice;
(c) any records kept under rule 9 (liquidators, trustees in bankruptcy, Mental
Health Act receivers and trustees of occupational pension schemes) including as
printed or otherwise issued, any statements, passbooks and other accounting
records originating outside the advocate’s office;

Rule 32 – Accounting records for client accounts, etc. page 35