Regular readers of our blogs who have an interest in the Solicitors’ Accounts Rules will recall that we have been discussing news of proposed changes to the Accounts Rules for some time now, following the announcement in 2014 that the Solicitors Regulation Authority (SRA) was adopting a three-phased approach to reforming the rules.
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Given that a lot of solicitors’ practices typically have March or April year ends many accountants are only now starting to deal with assignments under the new regime which came into effect in November 2015.
You may recall from my July 2015 blog that changes to the Solicitors Regulation Authority (SRA) Accounts Rules and reporting accountant’s requirements had been announced subject to Legal Services Board approval.
On 15 July 2015 the Solicitors Regulation Authority (SRA) Board announced that the existing “rigid” requirements on the submission of accountant’s reports are to be relaxed.
In May 2014, the Solicitors Regulation Authority (SRA) announced that they were considering removing the requirement for all firms of solicitors who hold client money to have an annual accountant’s check, their argument being that this mandatory ‘one size fits all’ approach was neither proportionate nor targeted and added an unnecessary additional regulatory (and cost) […]