4.6 Trust Safety Initiatives
In addition to the annual Law Firm Self-Report, the Trust Safety department also conducts compliance audits. All law firms will be subject to a Law Society compliance audit to ensure their books, records and accounts comply with the requirements of the Legal Profession Act, the Rules of the Law Society of Alberta and the Code of Conduct.
The Law Society has adopted risk-based auditing, a methodology that links auditing to the Law Society’s overall risk management framework. Risk-based auditing provides assurance to the organization that risk management processes are managing risks effectively, in relation to the organization's risk appetite.
Audits are selected based on risk from the following sources: exception reports from the approved software uploads, exceptions from the Self-Report and Accountant's Report, a percentage of new Responsible Lawyers and stakeholder referral.