The Solicitors Accounts Rules are laid out by the Solicitors Regulation Authority (SRA) within their standards and regulations which were last updated effective 25th November 2019.
Included within these rules are requirements for obtaining and delivering an accountant’s report which covers the need for an annual audit of the firm’s client money.
Unless exempt, solicitors have six months from the end of their accounting period to obtain an accountant’s report.
As a qualified firm of auditors, Jacobs Allen’s associated business, JA Audit, undertakes this work and produces the necessary reports, including submission to the SRA where required.
Why choose us?
We aim to make the audit process as stress-free and smooth as possible and work with you to obtain access to the records of the firm and select our audit samples and provide a list of information required for our work in advance.
We discuss the information required with you to ensure that there are no issues in obtaining this and then agree on a timetable for receipt of information and the onsite work.
We understand there is no ‘one size fits all’ approach to this work. Our specialist team recognises that each business is different, and we tailor our approach, working with clients to maintain and improve compliance, whilst supporting the owners to maximise profitability.
Get In Touch with Jacobs Allen About Our Solicitors Account Rules Audit Service Today
Please call 01284 704260 or email ask@jacobsallen.co.uk for a FREE no obligation consultation.
FAQs
Do solicitors need auditing?
The Solicitors Regulation Authority state that any solicitors and law firms based in England or Wales that hold client moneys during an accounting period must obtain and deliver an accountants report within 6 months of the end of that accounting period.
What happens if you don’t do an audit?
The SRA takes non compliance or incorrect information very seriously. If a firm does not submit an accountants report or the information is incorrect they could be subject to a financial penalty.
Which firms are required to be audited?
Solicitors and law firms require an accounts report if the money they have held from a client is over £10,000 on average or exceeds £250,000 in total. If the numbers are below this or the funds received are from Legal Aid, then an audit is not required.
