Ensuring compliance with the SRA Accounts Rules

These two complementary half-day workshops explore the SRA Accounts Rules from different view points and can be adapted to the firm’s specific requirements in terms of content and level.

Do you have a clear understanding of the SRA Accounts Rules and the key changes that are being introduced in 2017?

The Essential Guide to the SRA Accounts Rules

Overview

The course is a good introduction and a useful refresher to the Rules and focuses on some of the more operational aspects of dealing with Rules and includes a helpful case study example.

Content

  • Overview of the legal sector
  • Why solicitors hold client money
  • Definition of who constitutes a client
  • Definition of client money (and other types of money)
  • How to deal with funds in relation to your costs
  • Overview of the Rules
  • Ensuring that reconciliations are correctly undertaken
  • Use of suspense accounts and documentation of ‘audit trails’
  • Understanding the role and duties of the Reporting Accountant and the type of report that clients are likely to receive

 

Duration: 3 hours

Ensuring compliance with the SRA Accounts Rules – Strategic Issues

Overview

This course explains the strategic issues a firm can face on a day-to-day basis through explaining the Rules themselves and putting them into context

Content

  • The need to have bespoke procedures
  • The real role of the COFA
  • Central registers
  • Dealing with old balances
  • Requirements regarding joint accounts and power of attorney clients
  • Risks associated with designated bank accounts
  • Consideration of the adequacy of the controls operated regarding client monies
  • Professional Indemnity Insurance
  • Assessing whether your Reporting Accountant is fit for purpose
  • Summary of the most common breaches of the Rules – past, present and future

 

Duration: 3 hours