1
Type
Speaker
CPD Hours Level
Seminar 6 IntroductionInformation
Accreditation Information
SRA Competency A
VIEW FEEDBACK
'I thought Joanna Morris was brilliant, extremely well presented'

Introduction

The protection of client money is a priority risk in the SRA Risk Outlook 2019/2020 and it is essential that anyone who works in a law firm, including the COFA, has good knowledge and understanding of the SRA Accounts Rules. The cost of getting it wrong in relation to the SRA Accounts Rules can be devastating!

2019 saw the SRA introduce a new set of SRA Accounts Rules - the first major update for over 20 years. The new rules are simpler with only 13 rules but they have lengthy guidelines to follow with them and your policies and procedures will have to be up to date and in more detail. They will allow you to make some considerable changes to the way you work.

This one day course will guide you through both set of rules comparing the differences along the way.

What You Will Learn

This course will cover the following:

  • Setting the scene - the SRA and how they regulate us
  • The new SRA Standards and Regulations 2019
  • A history of the SRA Accounts Rules
  • What makes accounting in law firms so different
  • Double entry book keeping principles
  • The SRA Accounts Rules 2019 in more detail with comparisons to the changes from the SRA Accounts Rules 2011 including:
    • Part 1 General - application section
    • Part 2 Client money and client accounts
      • Client money
      • Client account
      • Client money must be kept separate
      • Withdrawals from the client account
      • Duty to correct breaches upon discovery
      • Payment of interest
      • Client accounting systems and controls
    • Part 3 - Dealing with other money belonging to clients or third parties
    • Part 4 - Accountants’ reports and storage and retention of accounting records
  • Guidelines issued by the SRA including prescribed circumstances (residual balances)
  • The Transparency Rules - an update
  • The SRA Risk Outlook 2019/20 - the priority risks and what they mean to the finance department including Anti-Money Laundering, Cybercrime and Information Security, Investment Schemes and Client Money

Quick Quiz - Test Your Knowledge: Solicitors Accounts Rules

Troubled by residual client balances or require a SARs health check? Read how to ensure regulatory compliance with our new consultancy services

Book now

Future dates are coming soon.
Please let us know if you wish to be notified.
Prices (ex VAT)
Smart
Plan Information
£243
Season
Ticket Information
£270
Standard
£540
Group bookings
Discounts are available for multiple places and if you have 5 or more people interested in this course and would like to discuss holding it in your area or on an in-house basis then please email us at information@mblseminars.com
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