SRA Accounts Rules - Rule 12 - Are You Ready for the Accountants Audit & Report?

Introduction

It’s that time of year again. Lots of our law firms will be having their annual accountants audit. Have you acted on the results of last year's audit? Have you trained your staff and fee earners of where improvements could be made? What lessons have we learned?

All law firms who have a client account and are above the qualifying threshold will have to undertake an annual accountants audit at the end of their financial year.

The findings of this audit will determine if the firm should be given a qualified report.

This is worst kind of report that you can be given and are issued when the accountants feel that client money may be at risk, or we are not looking after client monies correctly. Once reported to the SRA, this can lead to an SRA visit to the firm which can have serious consequences.

Being ready and prepared for the annual audit will make it an easier process for both you and your accountant.

This new virtual classroom seminar will show you what you can do to ensure this is a smooth and stressless process.

What You Will Learn

This live and interactive session will cover the following:

• Does our firm need to get an accountant report?
• What does the SRA guidance say on this?
• What does Rule 12 of the SRA Accounts Rules say?
• What can we do to prepare for the accountants visit?
• What will the accountants look at on their visit?
• What documentation will they expect to see?
• Key accounts rules which are breached the most and can give you a qualified report
• The consequences of the qualified report
• What everyone can do to help - good financial housekeeping - hints and tips
• How you can use the findings of the report to train your staff

Recording of live sessions: Soon after the Learn Live session has taken place you will be able to go back and access the recording - should you wish to revisit the material discussed.