All solicitors who deal with or manage money on behalf of their clients must obtain an accountant’s report each year, according to Rule No32 of the SRA’s Accounts Rules (2011). There is just one exception to this rule – any law firm that receives all its client money from the Legal Aid Agency.
The report to the SRA (Solicitors Regulation Authority) provides assurance of the firm’s compliance with its relevant rules and regulations. It is completed by the reporting accountant along with a checklist to the solicitor, giving a summary of the outcome of any work carried out during the year. The SRA uses this report as evidence that solicitors comply with its rules and that client money is safeguarded.
Reports are sent at the end of each respective accounting period, once a year by the SRA to the relevant solicitor. It is generally due within six months of the year-end and most often covers a 12 month period. Rule 34 states that a solicitor’s accounts report must be prepared and signed by an accountant who is a member of one of the authorised professional accountancy bodies. They must also be a registered auditor with one of those organisations.
Parker Russell UK LLP is a member of the Institute of Chartered Accountants in England and Wales and is also a registered auditor. We have more than 15 years’ experience undertaking the work required by the SRA as well as the preparation of accounts and tax returns.
Our many years of experience and our team’s skill and knowledge in these areas mean clients can be sure their documents required by HMRC or SRA will be completed to the highest standard. In addition, our in-depth understanding of the ways these organisations work means we can often help clients manage the processes, systems and controls more efficiently on an ongoing basis.
Please contact Gemma Osborn on gosborn@parkerrussell.co.uk for further information on our services and should you require a fee proposal.
