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Under rule 32 of the SRA Accounts Rules (2011) all solicitors who deal with client money are required to obtain an accountant’s report on an annual basis. The only exception to this rule are those law firms which receive 100% of their client money from the Legal Aid Agency.
The report to the Solicitors Regulation Authority (SRA) on the firm’s compliance is completed by the reporting accountant along with a checklist to the solicitor summarising the outcome of the work undertaken. The SRA places great reliance on the accountant’s report to gain assurance that solicitors are complying with the SRA Accounts Rules and that client monies are being safeguarded.
The report is sent to the solicitor once a year, at the end of the accounting period, by the SRA. It is generally due within 6 months of the year end and covers a 12 month period in most cases. As per rule 34, a solicitor’s accounts report must be prepared and signed by an accountant who is a member of one of the authorised professional accountancy organisations and who is also a registered auditor with one of those organisations.
Ellis Lloyd Jones LLP is a member of the Institute of Chartered Accountants in England and Wales and is also a registered auditor. We have over 15 years’ experience in both the preparation of accounts and tax returns for solicitors and undertaking solicitor’s accounts rules work.
Using our extensive knowledge and experience, we are not only able to prepare the documents that are required by HMRC and the SRA but can suggest ways in which the systems and controls can be changed so that they become more efficient on an ongoing basis.
Please contact Kara Williams or Hannah Gittings for further information on our services and should you require a fee proposal.