Solicitors Accounts Rules - A Practical Guide
The recent adaptations to the Accounts Rules - now in Version 20 - see the latest in a long line of revisions of these Rules by the SRA. In particular, recent changes to the Reporting Accountants' role mean that fewer reports are being qualified, but that a greater internal vigilance will be required.
Further, the Accounts Rules have undergone radical overhaul. They are being substantially reduced in length and prescription, and are being shorn of much of the detailed provisions. The new Rules were published on 13 June 2017, and came into force on 25 November 2019.
What do you need to change?
Adopting a practical, hands-on approach, this course seeks to plot a safe passage through the existing rules in their latest form, as well as the uncharted waters of the new Rules and how you are expected to deal with client money.
What You Will Learn
This course will cover the following:
- The existing Rules
- What do they currently require?
- Client money and office money - the distinction
- SDA's and other client accounts
- Dealing with fees and costs
- Interest policies
- New Accounting provisions
- The new Rules - what does this change mean?
- The SRA's culture shift - new staff, new thinking
- 45 pages are reduced to 6 - what has gone?
- As long as client money is protected, do we need to care about the rest?
- SRA's key concerns
- Identification and protection of client money
- Use of funds only for their intended purposes
- Return of funds at the end of a matter - how do we get rid of small balances?
- Auditing, investigation and enforcement - the new approach
- The New Rules
- The new definitions - client money and....?
- How should we deal with our costs?
- Do we still need a COFA?
- What about Accountants' Reports - do we still need them? Do we want them?
- New rules on Qualified reports
- Practical Responses - Delivering the Regulators' new expectations
- Do you need to change anything?
- Do I still need to have a policy on the payment of interest?
- Can I use a TPMA? How much does that cost?
- Can I relax with my Accountant now?
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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