Below is a high-level list prepared using The Law Society Of Ontario’s Audit Report to highlight key points relating to monthly financial close. The list is generic and is not designed to capture all the scenarios. Review the Audit Report and By-Law 9 ‘Financial Transactions and Records’ issued by the Law Society of Ontario for full guidance and requirements. A copy of these documents is available on the Law Society of Ontario’s website.
Please note each provincial law society is responsible for providing financial transactions and practice management related guidance. Accordingly, there may be variance in guidance and requirements between provinces.