Page 293 - IOM Law Society Rules Book

ADVOCATES ACCOUNTS RULES 2008

Rule 48 – Practices with two or more places of business

If a practice has two or more offices:

(a) separate reports may be delivered in respect of the different offices; and

(b) separate accounting periods may be adopted for different offices, provided that:

(i) separate reports are delivered;

(ii) every office is covered by a report delivered within six months of the
end of its accounting period; and

(iii) there are no gaps between the accounting periods covered by successive
reports for any particular office or offices.

Rule 49 – Waivers

The Council may waive in writing in any particular case or cases any of the provisions of Part
F of the rules, and may revoke any waiver.

Note
Applications for waivers should be made to the Council. In appropriate cases, advocates may
be granted a waiver of the obligation to deliver an accountant’s report (see rule 35, and note (
viii) to that rule). The circumstances in which a waiver of any other provision of Part F would
be given must be extremely rare.

PART G – ADVOCATES’ REPORTS

Rule 50 – Advocates’ Reports

(1) An advocate or recognised body who or which has, at any time during an accounting
period, held or received client money or controlled trust money, or operated a client’s own
account as signatory, must deliver to the Society:

(a) an advocate’s quarterly report for each period beginning at the commencement
of each accounting period, and at three monthly intervals thereafter, and ending
at the expiration of three months from its commencement, or, if sooner, at the
end of the accounting period;

(b) an advocate’s annual report stating:

(i) the total amount of client monies held at the end of the accounting
period, the level of their insurance cover, and that of the accountant
reporting on the accounting period pursuant to Part F of the rules;

(ii) whether the total amount of client monies held at the end of the
accounting period is unusually high or low compared with the total

Rule 50 – Advocates’ Reports page 50