(1) The licensing body must ensure each law practice's trust records are externally examined as required by regulation.
(2) If the licensing body is satisfied a law practice has not had the practice's trust records externally examined as required by regulation, the licensing body may appoint an external examiner to examine the practice's trust records.
(3) If a law practice is not required by regulation to have trust records externally examined, the licensing body may appoint an external examiner to examine the practice's trust records at least annually.