Koma Consulting Group P.C.

Koma Consulting Group P.C. seeks an HR Coordinator to maintain personal records & manage human resource processes for clients.
Pay is $63,000/yr.
Work in Los Angeles, CA
Mail CV to CEO,
2029 Century Park East, Suite 400
Los Angeles, CA 90067
Or E-mail to [email protected]

https://kcgpc.com/how-can-lawyers-protect-client-funds-in-the-event-of-a-bank-collapse/

Koma Consulting Group LA, Ca | Protecting client funds Lawyer Protecting client trust accounts from the potential risks associated with bank collapses requires proactive measures and diligent oversight.

If someone looking for job in Beverly Hills, please contact me directly!

WE ARE HIRING!

We are looking for bookkeeper/accounting clerk with QuickBooks and Clio billing software experience.
Previous law firm experience a plus, not a must.
This job is currently part-time (5-6 hours per day, Monday through Friday) with potential to grow to full-time.

https://kcgpc.com/services/trust-account-iolta/trust-account-iolta-audit-and-forensic-accounting/

Trust Account (IOLTA) Audit and Forensic Accounting - Koma Consulting Group PC One of the more common transactions handled by lawyers are trust liability reconciliations and cleanup. Essentially, the reconciliation is the process of accounting that verifies the accuracy in the recording of trust transactions. As long as there is an active and open trust account, these reconcil...

How Can Law Firms Ensure They Comply With California’s Tough New Rules?

On July 23, 2021, the California Bar Board of Trustees established the “Committee on the Special Discipline Case Audit.” One of the main tasks of this new committee, chaired by Jose Cisneros, is to develop stronger regulations for attorney client trust accounts. The consensus of the Board is that an overhaul is needed to “remedy shortcomings in our judicial system” that fail to properly protect the public. Failure to properly handle attorney client trust accounts is the number one reason for attorney license suspensions and revocations, so being aware of these changes and knowing exactly what you’re expected to do is extremely important. The best way to ensure that your firm is in compliance is to hire an experienced forensic accountant to review your attorney client trust account practices.
What Did The Board Recommend For Attorney Client Trust Accounts?
The Board is determined to tighten up it’s rules and to amp up enforcement in order to prevent misappropriation. These are some of the recommendations that are being considered:
● Attorney client trust accounts will be subject to random audits;
● Some or all attorneys will be required to have their trust accounts audited by Certified Public Accountants on a regular basis;
● Self-funded audits and reporting of client trust accounts;
● Requiring bonding or use of third party escrows;
● Proposing new and more stringent rules to govern attorney conduct;
● Harsher discipline for violations and
● Assessing how technology can be harnessed to improve this initiative.
These sweeping changes would put California on the leading edge of protecting funds that are held by attorneys for their clients and others. The final set of recommendations from the Board is expected to be ready for public comment by December 31, 2021. The best forensic accountants in California are watching these developments closely and will be able to advise you about changes you need to make.
Changes To The Discipline System
The Board is looking at proactive approaches to preventing attorney misconduct and reducing racial disparities in discipline such as e-learning courses and self-assessments. There will also be an effort to modernize the disciplinary system to improve case processing in order to reduce the number of cases that are pending six months after they’re initiated. According to the State Auditor’s report of April 2021, resources will be reallocated towards reducing the backlog. Another measure intended to improve integrity and oversight is the recusal of chief trial counsel in cases where individuals charged have close relationships with members of the State Bar.
Should I Hire A California Forensic Accountant?
Changing rules for attorney client trust accounts, increased enforcement and harsher disciplinary measures can be a recipe for disaster if your firm is unprepared. You may need to change the way your books are handled in order to be ready for a random audit, make arrangements for bonding, arrange for the use of a third party escrow or take other actions. You’ve worked hard for your license and to build your career, so it’s not worth it to take risks with disciplinary compliance. That’s why it’s important to hire an experienced California forensic accountant to review and update your firm’s procedures.

Koma Consulting Group PC Why Choose Us? Koma Consulting Group PC offers a one-stop shop for attorneys and law firms seeking outside help for accounting, payroll, HR, an financial planning and forecasting needs. With a collective 15-plus years of experience in the legal industry, every member of Koma’s Consulting Group tea...

FREQUENTLY ASKED TRUST ACCOUNT QUESTIONS:

1. How many days after a check has been deposited do I have to wait before disbursing funds?
- Wait at least 3 banking days for local checks to clear, 5 banking days for in-state checks to clear, and 10 banking days for out-of-state check to clear.

2. Trust account has had an outstanding checks for several years. What do I do about it?
- If the money from Trust account cannot be refunded/returned to the client, follow the guidelines of the Disposition of Unclaimed Property Act.

3. Can I pay client costs directly out of the Trust Account?
- Yes, as long as the client has money in the trust account to cover the costs. If funds have been deposited on behalf of a client and they have not cleared, you either must wait until they clear or pay the costs out of your general account and reimburse the general account when the funds have cleared.

FOR ASSISTANCE WITH YOUR IOLTA ACCOUNT CONTACT US AT (310)739-8232 OR EMAIL TO [email protected]

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Koma Consulting Group PC is Highly Recommended by locals! We greatly appreciate your support and referrals. It drives our business, and we couldn't do what we do without you!