Page 287 - IOM Law Society Rules Book

ADVOCATES ACCOUNTS RULES 2008

(v) following any direct report made to the Isle of Man Law Society under
(i) or (ii) above, to provide to the Isle of Man Law Society on request
any further relevant information in your possession or in the possession
of your firm.

To the extent necessary to enable you to comply with (i) to (v) above, I/we waive
my/the firm’s/the company’s right of confidentiality. This waiver extends to any report
made, document produced or information disclosed to the Isle of Man Law Society in
good faith pursuant to these instructions even though it may subsequently transpire that
you were mistaken in your belief that there was cause for concern.”

(2) The letter of engagement and a copy must be signed by the advocate and by the
accountant. The advocate must keep the copy of the signed letter of engagement for at least
three years after the termination of the retainer and produce it to the Council on request.
(3) Any provision contained in any contract for exempting the reporting accountant from,
or indemnifying him against, any liability to clients which by virtue of any rule of law would
otherwise attach to him in respect of any negligence, default, breach of duty or breach of trust
of which he may be guilty in relation to his duties under the rules shall be void.

Notes
(i) Any direct report by the accountant to the Society under rule 38(1)(i) or (ii) should be
made to the Council.
(ii) Rule 38(1) envisages that the specified terms are incorporated in a letter from the
advocate to the accountant. Instead, the specified terms may be included in a letter
from the accountant to the advocate setting out the terms of engagement. If so the text
must be adapted appropriately. The letter must be signed by both parties – the
advocate will keep the original, and the accountant the copy.

Rule 39 – Change of accountant

On instructing an accountancy practice to replace that previously instructed to produce
accountant’s reports, an advocate must immediately notify the Society of the change and
provide the name and business address of the new accountancy practice.

Rule 40 – Place of examination

Unless there are exceptional circumstances, the place of examination of an advocate’s
accounting records, files and other relevant documents must be the advocate’s office and not
the office of the accountant. This does not prevent an initial electronic transmission of data to
the accountant for examination at the accountant’s office with a view to reducing the time
which needs to be spent at the advocate’s office.

Rule 41 – Provision of details of bank accounts etc.

The accountant must request, and an advocate must provide, details of all accounts kept or
operated by the advocate in connection with the advocate’s practice at any bank, building

Rule 41 – Provision of details of bank accounts etc. page 44