SRA Accounts Rules - Rules & Risk Box Set

Introduction

Delivered by SRA Accounts Rules expert and reporting accountant Ian Johnson, this modular webinar box set will provide viewers with an invaluable insight into the how the Accounts Rules should be interpreted and how to successfully navigate the risks which they pose.

Broken down into manageable sections, each module will take an in-depth look at key technical aspects of the Accounts Rules including residual balances, prohibited banking facilities and the responsibility of the COFA.

The box set will conclude with a Q&A session in which Ian will be joined by law firm compliance expert Joanna Morris, both of whom will discuss and offer guidance on how to overcome common challenges.

What You Will Learn

This modular webinar will cover the following:

Module 1: The Accounts Rules - Summary & Resources

• Summary of the Accounts Rules
• Summary of the key terms and principles of the rules
• Useful resources and where to find information on the rules, guidance and key risk areas

Module 2: Key Risk Areas 1 - Residual Balances & Suspense Ledgers

• What a residual balance is, why the occur and why they are a challenge to firms
• How to deal with residual balances and how to stay compliant with the rules
• SRA guidance and what you can and can’t do when donating balances to charity
• Suspense ledgers

Module 3: Key Risk Areas 2 - Prohibited Banking Facilities & Taking Money for Costs

• Understanding what the SRA means by the provision of ‘prohibited bank facilities’
• Real life example of banking facilities and what firms should do to ensure they remain compliant
• Why banking facilities are a key risk area to the SRA
• Taking money for costs - unpaid, incurred and anticipated costs and when a firm can and can’t take money into the office account

Module 4: The Role of the Reporting Accountant & Areas of Focus

• What the Reporting Accountant does
• Their key areas of focus and what you can do to avoid a qualified report
• Common breaches of the rules

Module 5: The Role of the COFA

• Key controls that the COFA should have in place to ensure compliance
• How the firm can support the COFA and delegation tips for the COFA
• Reportable vs non reportable breaches - how the COFA should decide when to report breaches to the SRA

Module 6: Q&A with Ian Johnson & Joanna Morris

• A discussion of common questions and practical solutions

This webinar was recorded on 1st April 2022

Quick Quiz - Test Your Knowledge: Solicitors Accounts Rules