William Sloan, Director and Yvonne Willers our In house Accountant attended at a CPA function held at the Perth Convention Centre on 28 November 2018. The keynote address was presented by Caroline Spencer FCPA and Auditor General for Western Australia. Caroline is the first female Auditor General of Western Australia and has been in the role for 6 months. She has a 10 year term.
Caroline discussed the role of the Auditor General and the challenges involved in executing her duties. The Auditor General must act independently and not be influence by external sources. The Department has approximately 150 staff and 100 external consultants. The key role of the Department is to audit the finances and activities of Western Australian state and local government entities and then report their findings to Parliament.
The key take away from the presentation was the importance of good corporate governance to ensure a successful economy and public confidence.
The function was attended by Certified Practicing Accountants from across Western Australia.
Kim Wilson & Co prides itself on implementation and monitoring of corporate governance into its business practices.
Kim Wilson & Co has been providing legal services to the Community for over 20 years and became an incorporated legal practice KWC Legal Pty Ltd in 2007. In order to ensure good governance the details of the companies registered office, directors and shareholders are provided to the Australian Securities and Investment Commission (”ASIC”) on an annual basis. Any changes to the corporate structure or registered office needs to be notified to “ASIC” within 28 days of any changes to avoid penalties.
The Law Society of Western Australia has quality assured Kim Wilson & Co. This qualification recognises that the firm has robust and adaptable internal office policies and procedures. These policies and procedures are documented in our office manual which is updated regularly with new policies and procedures. These are designed to improve client satisfaction and to avoid wastage. The Law Society of WA audits the firm on an annual basis to ensure adherence to our policies and procedures. During this audit the auditor if necessary will provide guidance in relation to policies that will enhance our current procedures.
Kim Wilson & Co is required to operate a trust account. Our clients are required to deposit funds into the firms trust account at the time of their initial appointment of engaging one of our Team members. Our clients are then required to deposit further funds into the trust account if their matter proceeds further. To guarantee that our client’s monies are dealt with appropriately the Legal Practice Board of WA requires that our firm has its trust account audited by an external auditor on an annual basis. The auditor attends at our offices to perform this audit. The auditor will investigate trust deposits, trust payments and the client’s agreement to ensure strict adherence. The auditor will audit any of the firms Controlled Monies Accounts. These are accounts where funds are held in an independent account in the name of the firm and our client. These accounts are required if funds are to be held pending resolution of a client’s matter.
The above measures and procedures assist in Kim Wilson & Co implementing and monitoring corporate governance. This further aids in the success of the business into the future and client confidence.