Services

SRA Audit

If you are a solicitor who needs an SRA compliance review, BOSeCO supports legal practices of any size with the review and the reporting that follows.

Our SRA compliance review

An SRA Compliance Review (Accountant’s Report) is required on an annual basis by all solicitors and legal practices that have held or received client money, or operated a client’s own account as a signatory. As specialists in the sector, we can support any type of legal practice with all aspects of SRA compliance reviews and reporting.

What the SRA requires

The Solicitors Regulation Authority states that if you have, at any time during an accounting period, held or received client money, or operated a client’s own account as a signatory, you must obtain an accountant’s report for that accounting period within six months of the end of the accounting period, and if the report has been qualified, deliver it to the SRA within six months of the end of the accounting period. This duty extends to the directors of a company, or the members of an LLP, which is subject to this rule.

How the review is done

As standard, we ensure that accounts are being prepared and audited in accordance with Solicitors Regulation Authority rules, and we advise on control improvements so future periods stay compliant and the risk of errors or misstatements is lower. We have many years’ experience working with solicitors and deal with the accounting and SRA reporting requirements in an efficient, timely and cost-effective way.

Included

• Providing an Accountant’s Report
• Advice on safeguarding client monies in line with SRA accounting rules
• Advice on making control improvements
• A complete, SRA-compliant annual report
• Added advice on tax, management accounts, corporation tax, wealth protection and profitability

Alongside this

• Assurance reports
• Statutory audit
• Management accounts