Solicitors Regulation Authority Amend the Accounts Rules

From 1 November 2015 the much anticipated SRA amendments to the Accounts Rules have been implemented.

Legal Hammer

The SRA released these amendments and their associated Guidance with regards to completing the annual Accountant’s Report on the eve of the official implementation date.

Mitchell Charlesworth along with its Kreston Members have been actively involved with providing the SRA with our comments during the consultation period and it is extremely pleasing to see that the SRA have reacted to our overall concerns to the predicted changes.

There are two main areas of change to be aware of:

  • The SRA have maintained the requirement for an Accountant's Report to be prepared (unless the solicitor firm can satisfy the new exemption criteria on the amended Rule 32).
  • The SRA have amended Rule 38 which now focuses on the “Professional Judgement” of the Reporting Accountant in adopting suitable work programmes to determine whether a report should be qualified or not.

If you or your firm require an update on the new SRA Accounts Rules, please contact us to discuss what we consider the SRA is now expecting from solicitor firms. Our Legal Practices’ team have extensive experience of detailed testing to identify possible breaches, and subsequently making suitable recommendations on how to avoid these occurring in the future with system changes and training of staff members if required.

Post a comment

Comments closed

Registered to carry on audit work in the UK and Ireland by the Institute of Chartered Accountants in England and Wales and authorised and regulated by the Financial Conduct Authority for investment business