SRA Accounts Rules 2019 – specific issues and harsher penalties [2023].

The ‘new’ rules are a lot more bedded-in now, as well as being simpler and more flexible. But they are still equally significant to anyone in the law firm, as recent examples have shown, and the duties on all of us, but especially those with responsibility for finance or accounts, remain strict indeed. We will discuss

• The key rules including:
  • Rule 3.3: Banking facilities
  • Rule 5: Residual client balances
  • Rule 8: Reconciliations
  • Rules 12-13: Accounting systems and records
  • Recording and immediate reporting of breaches to the COFA & SRA
  • Other key duties on the COFA
  • Relationship with the Reporting Accountant – are they becoming more exacting in their investigations?
• SRA Resources and checklists
• SRA enforcement and penalties
• VAT & Brabners – is it still an issue?

Key points to take away

• Key qualifications by Accountants
• When should I report something to the SRA?
• Checklists for consideration – how good are you?
• How do we deal with expenses and disbursements?
• What must we do to remain on the right side of the line?