Solicitors Accounts Rules for Finance Staff - The Rules Explained

Introduction

The protection of client money is a priority risk in the SRA Risk Outlook 2020/2021 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 course will guide you through the new rule comparing them with the old.

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
• 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 2020/21 - the priority risks and what they mean to the finance department including Anti-Money Laundering, Information and Cyber Security and Client Money

Quick Quiz - Test Your Knowledge: Solicitors Accounts Rules

Recording of live sessions: Soon after the Learn Live session has taken place you will be able to go back and access the recording - should you wish to revisit the material discussed.