Solicitors must comply with the Solicitors Regulatory Authority (SRA) Solicitors Accounts Rules. The outcomes-focused approach which the SRA has established, is vital to providing confidence in your provision of legal services to the public. An annual SRA solicitors audit, together with an Accountants’ Report (AR1) is part of the process to ensure client monies are safeguarded.
HELPING YOU OBTAIN A
SRA Accountant's Report
All solicitors who operate a client account and hold client monies must comply with the current SRA Accounts Rules and obtain an accountant’s report (AR1 form) from a registered auditor, within 6 months of the end of an accounting period. There are certain exemptions from the requirement to obtain an accountant’s report, depending on the amount of money held in a client account and whether all client money held or received during an accounting period is from the Legal Aid Agency. The SRA accountant’s report only needs to be delivered to the SRA if it is qualified, so that it shows a failure to comply with the SRA Accounts Rules.
The rules apply to all firms and sole practitioners that are regulated by the SRA. It is the COFA and COLP’s responsibility to ensure compliance.
Regulated entities are required to have systems and controls in place to ensure compliance with the rules. The nature of those systems must be appropriate to the nature and volumes of client transactions dealt with and the amount of client money held or received. During our solicitor accounts audit, we can identify potential improvements to ensure client monies are safeguarded in line with the SRA Accounts Rules.
Why choose Samuels?
We have extensive experience of dealing with regulatory matters for Solicitors, gained over the last 30 years.
Meet your statutory obligations in a timely manner
Safeguard Client Monies
Confidently provide stewardship of client funds
Confidence for Clients
Build client trust and provide a quality service
Enhance your procedures and remain complaint
COFA & COLP obligations
Meet your management responsibilities
Obtain the required documentation to evidence compliance
PROVIDING YOU WITH
Expert Support for Solicitors and Legal Professionals
We understand that solicitor firms, barristers and legal professionals need accountants with a depth of knowledge specific to their profession. We have acquired our experience in this area over the past 30 years. As Chartered Accountants and Registered Auditors, we are well placed to assist you not only in a compliance capacity, but also in a commercial, accountancy and taxation advisory role.
We believe that a properly delivered SRA audit and Solicitors Accounts Rules compliance review can make a positive contribution to your practice.
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Whether you are an established business or a new start-up looking for help to get your new venture off the ground, we think you’ll find our tailored approach refreshingly different to most other accountants.