Solicitors Accounts Rules Audits
Legal sector assurance, clear reporting and practical compliance advice.
Specialist Sectors
Specialist compliance for regulated legal practices
Legal sector assurance, clear reporting and practical compliance advice.
Client money requires careful handling, clear records and an annual examination that can be relied upon. We examine law firm accounts against the SRA Solicitors Accounts Rules, report accurately and advise on procedural improvements without unnecessary disruption.
- Client account examination against the current SRA Solicitors Accounts Rules.
- Accountant's report prepared and submitted within the required timeframe.
- Clear written feedback on any areas requiring procedural improvement.
Our approach
How we deliver solicitors accounts rules audits
Scoping and access
We confirm the reporting period, review the accounting systems in use, obtain access to client account records and agree the fieldwork timetable with the practice manager or COFA.
Client money testing and SAR compliance review
We examine client ledger balances, bank reconciliations, residual balance handling, prompt payment of receipts and any areas where the SRA Solicitors Accounts Rules require specific procedural compliance.
Accountant's report and recommendations
We produce the accountant's report for submission to the SRA, provide written recommendations on any procedural improvements identified and discuss the findings with the practice's compliance officer.
Who this is for
Businesses and individuals that need
01
Law firms above the SRA client account threshold
Firms that hold client money in a designated client account and are required to deliver an annual accountant's report to the SRA within the required timeframe.
02
Firms changing their compliance officer
Practices where the COFA or compliance officer has changed and a fresh review of client account procedures is a sensible step before the next SRA filing deadline.
03
Firms after regulatory contact from the SRA
Practices that have received regulatory correspondence about client account compliance and want independent assurance that the issues raised have been addressed properly.
Client feedback
“Thorough, efficient and clearly presented. The report was submitted six weeks before the deadline with a brief, practical set of recommendations that the compliance team implemented within a month.”
Client review Law firm, Portsmouth
Common questions
Frequently asked questions
What are the SRA Solicitors Accounts Rules?
The SRA Solicitors Accounts Rules (SAR) governs how authorised persons must deal with client money money belonging to clients or third parties. It applies to all SRA authorised firms that hold client money. The Rules cover how client money is kept, how quickly receipts must be paid into a client account, when money can be transferred to the firm's own account and how residual balances must be handled.
What does the accountant's examination involve?
We review the client account bank reconciliations for the reporting period, test a sample of client ledgers, check the handling of bills raised, money received and transfers between office and client account, and review the procedures for dealing with residual balances. We look for systematic failures as well as individual errors.
What is the COFA?
The COFA Compliance Officer for Finance and Administration is the individual within the firm responsible for compliance with the SRA Accounts Rules and other financial and administrative obligations. The COFA is required to report certain matters to the SRA. We work directly with the COFA during the examination and in the post examination reporting process.
What happens if we change the accounting period?
If the firm's accounting year changes, the accountant's report must cover the old and new periods to avoid a gap in reporting. We manage the examination to ensure continuous coverage and that no period is left without an accountant's report being filed with the SRA.
Ready to take the next step?
Book an introductory meeting to discuss your specialist sectors needs with a specialist.