Solicitors Regulation Authority (SRA) Audits

We are a member firm of the Association of Chartered Certified Accountants and Registered as auditors in the UK/Ireland by the ACCA. We are experienced 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.

Some law firms also engage us to carry out an independent review of compliance to improve standards within legal practices.

(Unless exempt rule 12.2) Under SRA accounts rule 12.1, If a law firm has, at any time during an accounting period, held or received client money, or operated a joint account or a client's own account as signatory, the firm must:

(a) obtain an accountant's report for that accounting period within six months of the end of the period; and

(b) deliver it to the SRA within six months of the end of the accounting period if the accountant's report is qualified to show a failure to comply with these rules, such that money belonging to clients or third parties is, or has been, or is likely to be placed, at risk.

Law firms (under rule 12.5) should ensure that any report obtained is prepared by an accountant who is a member of one of the chartered accountancy bodies and who is, or works for, a registered auditor.