Page 294 - IOM Law Society Rules Book

ADVOCATES ACCOUNTS RULES 2008

amounts of client monies usually held during the accounting period, and,
if so, what the accounting records show to be the approximate amount of
total client monies usually held during the period;

(c) an advocate’s special report on their discovery of any breaches of regulations
involving:

(i) material loss to a client, or to clients, or to the practice; or

(ii) dishonesty or suspected dishonesty.

(2) An advocate’s quarterly report pursuant to Rule 50(1)(a) must be delivered within one
month of the end of the period to which it relates and should state:

(a) whether or not the reconciliation provisions of Rule 32(7) have been complied
with in the period;

(b) whether or not differences identified on reconciliation in the period have been
explained and corrected;

(c) whether or not in the period the operation of the accounting systems and
internal controls established and maintained by the practice to ensure
compliance with Part D of the rules has been satisfactory.

(3) An advocate’s annual report pursuant to Rule 50(1)(b) must be delivered within six
months of the end of the accounting period.

(4) An advocate’s special report pursuant to Rule 50(1)(c) must be delivered as soon as
practical after the discovery giving rise to it, and in any case, within three working days of
that discovery.

(5) In delivering reports to the Society advocates must also provide such other information
as is, or may be, material in enabling the Society to reach a decision on whether, and if so, to
what extent, the Society should exercise its powers under Rule 34 of the rules.

PART H – COMMENCEMENT

Rule 51 – Commencement

(1) The rules must be implemented not later than 1st July 2008; until a practice implements
the rules, it must continue to operate the Advocates’ Accounts Rules 2001.

(2) Practices opting to implement the rules before 1st July 2008 must implement them in
their entirety, and not selectively.

(3) Part F of the rules (accountants’ reports) will apply to:

(a) reports covering any period of time after 1st July 2008; and also

Rule 51 – Commencement page 51