SRA Accounts Rules - Fundamental Errors to Avoid
The recent adaptations to the Accounts Rules - now in Version 20 - see the latest in a long line of revisions by the SRA.
Further, the Accounts Rules are undergoing radical overhaul. They have been substantially reduced in length and prescription, and are shorn of much of the detailed provisions. The new rules will be implemented later this year. But - it is likely that fundamental errors will remain. This webinar will focus on the key errors that would excite the interest of the regulator.
What You Will Learn
This webinar will cover the following:
- The Current Regulatory Position
- New SRA approach to the regulator's position
- Current Risk Outlook Spring 2019
- Key areas of attention
- Use of client account as a bank
- Inappropriate investment advice
- The Existing Rules
- What do they currently require?
- Dealing with fees and costs
- New accounting provisions
- Key errors
- 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 you get rid of small balances?
- Auditing, investigation and enforcement - the new approach
- The Internal Position
- The (increased) role of the COFA?
- What about Accountants' Reports - do you still need them? Do you want them?
- Rules on audits and procedures; qualified reports
- Practical Responses - Delivering the regulator’s new expectations
Quick Quiz - Test Your Knowledge: Solicitors Accounts Rules