SRA Accounts Rules for Finance Staff - Back to Basics
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
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