SRA Accounts Rules & The Role of the COFA
Every law firm must have confidence in its Accounts Rules compliance. Every partner, COFA and compliance professional must be satisfied that they understand what role they play in keeping client money safe and that they have the skills to ensure that everyone else in the firm plays their part in this essential function.
This workshop will explore the role of the COFA in detail and will consider how fee-earners can support the COFA (and the firm) through a solid understanding of basic SARs requirements, common pitfalls, and what needs to be recorded and why.
Systems, processes and checking mechanisms will be discussed and the bigger picture will also be examined in terms of the link between keeping client money safe and financial stability and firm management more generally.
The new Accounts Rules came into force in November 2019 so it is vital that partners, the COFA and anyone working in a law firm with an interest in compliance are updated.. This will also be discussed during the seminar with some practical suggestions to inform the internal discussions.
The workshop will be interactive with discussions about SRA and SDT decisions designed to demonstrate effective ways in which to achieve compliance with SRA requirements. Find out some tips and quick-win tactics in terms of improving compliance in this field and provide suggestions designed to improve the firm’s compliance strategy in the long-term and to support the COFA with their personal duties.
What You Will Learn
This course will cover the following:
- Why it is important to have a good relationship with the SRA
- The compliance team leader - the COFA
- Essential knowledge about the SRA Accounts Rules
- Top tips/common pitfalls
- The part everyone in the firm plays in supporting the compliance culture
- How to demonstrate compliance in practice - the COFA’s toolkit of systems, processes, policies, training and evidence tools
- The link with the bigger compliance picture and SRA risk issues
- Case studies and practical exercises
- What the COFA role and the SRA Accounts Rules may look like in the future
- How to evaluate the personal risks of being the firm’s COFA
- How to understand the SRA requirements
- How to identify where improvements can be made in your firm
- What are the risks associated with poor SRA Accounts Rules habits?
- What recommendations should the COFA be making to the firm’s managers to support the growth of a strong and credible compliance culture?
- What tests can be used internally to evaluate an appropriate knowledge of the SRA Accounts Rules?
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Please let us know if you wish to be notified.
Please let us know if you wish to be notified when new dates are added for this programme