SRA Accounts Rules

(2 reviews)

by Steve Collings

As a reporting accountant working for a solicitor, you need to understand and comply with the SRA Accounts Rules. This course aims to simplify these rules and give you the confidence to accept an engagement and fulfil your obligations.

price £100+vat
cpd hours 4 CPD hours
access 120 days' access

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This course will enable you to

  • Understand the SRA Accounts Rules and how to apply them.
  • Plan an assignment and spot red flags and potential pitfalls.
  • Make sure that "client money" is being treated appropriately.
  • Issue a qualified or unqualified report.

About the course

Becoming a reporting accountant for a solicitor means that you are required to report on compliance with the SRA Accounts Rules and these rules can be daunting.

This course aims to simplify the rules and give you the confidence to take on this role. You will understand how to ensure that independence is maintained and assess when a solicitor client is required to obtain an SRA accountant's report. You will then explore how to plan the assignment, and what red flags to watch out. Also, you will look at the processes used to test compliance with the rules and finally, how to complete the assignment.

Look inside

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Contents

  • Regulation and acceptance
    • Legislative requirements
    • Following the rules
    • Accepting engagement as reporting accountant
    • Structure of the SRA Accounts Rules
    • Whose money is it anyway?
    • Client money
  • Independence requirements and planning
    • Independence
    • Maintaining independence
    • Planning the assignment
    • Pitfalls
    • Red flags
  • Testing the records
    • Test time
    • Testing the reconciliations
    • The file review
    • Operation of banking facilities
    • Other areas which may be tested
    • Key areas of compliance
  • Report completion
    • Completing the assignment
    • To qualify or not to qualify?
    • Breaches
    • Anti-money laundering considerations
    • The last hurdle

How it works

Author

Steve Collings

Steve is Director at Leavitt Walmsley Associates, a firm of Certified Chartered Accountants. He is an internationally recognised speaker, writer and commentator on all matters to do with financial reporting and auditing. Steve is a prolific author, having written over 25 books and currently represents the North West of England on ACCA’s Practice Network Panel.

Reviews

4.5
(2 reviews)
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2
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    IG
    Ivon Samuel G
    12 Feb 2024
    12 Feb 2024
    Really good to refresh the general ideas of SRA rules. I would have liked to see more about billing re VAT, also an Account Report and bank reconciliation examples.
    EN
    Edel N
    21 Oct 2023
    21 Oct 2023
    Informative and easy to follow. Good intro course into this topic. Slightly slow at sections, which could have been covered quicker, allowing additional time for any additional detail which could have been provided.
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