Rely on the most comprehensive, up-to-date legal content designed and curated by lawyers for lawyers
Work faster and smarter to improve your drafting productivity without increasing risk
Accelerate the creation and use of high quality and trusted legal documents and forms
Streamline how you manage your legal business with proven tools and processes
Manage risk and compliance in your organisation to reduce your risk profile
Stay up to date and informed with insights from our trusted experts, news and information sources
Access the best content in the industry, effortlessly — confident that your news is trustworthy and up to date.
Find up-to-date guidance on points of law and then easily pull up sources to support your advice with Lexis PSL
With over 30 practice areas, we have all bases covered. Find out how we can help
Our trusted tax intelligence solutions, highly-regarded exam training and education materials help guide and tutor Tax professionals
Regulatory, business information and analytics solutions that help professionals make better decisions
A leading provider of software platforms for professional services firms
In-depth analysis, commentary and practical information to help you protect your business
LexisNexis Blogs shed light on topics affecting the legal profession and the issues you're facing
Legal professionals trust us to help navigate change. Find out how we help ensure they exceed expectations
Lex Chat is a LexisNexis current affairs podcast sharing insights on topics for the legal profession
Discuss the latest legal developments, ask questions, and share best practice with other LexisPSL subscribers
By George Bull (interviewed by Sarah Perry)
Proposals to remove a mandatory requirement for firms to submit an annual accountant’s report to the SRA, and to require Compliance Officers for Finance and Administration (COFAs) to sign a declaration of satisfaction with the firm’s client account management, are the focus of an SRA consultation. The proposals are part of a programme of reforming the SRA’s regulatory regime to reduce unnecessary burdens and provide flexibility to deliver good financial management.
Why is the SRA consulting on the removal of mandatory requirement that firms must submit an annual accountants report to the SRA?
The reasons for this are set out in the consultation document itself. This should be seen in the context of the SRA confirming or modifying aspects of its regulatory approach as it comes to grip with its role as regulator. The SRA Handbook has recently been updated as part of the process of continuous monitoring and updating.
A review of the reporting accountant’s role in respect of client money was recognised as an important task in the early days of the SRA. However, at the time it was felt that the existing rules worked sufficiently well – as a result, the SRA was able to prioritise its resources to deal with other major tasks which it faced as a new regulator. As it is asserting its presence as regulator, and becoming familiar with the issues of the legal sector, it is now able to turn its attention to topics such as the SRA Accounts Rules.
What’s the reasoning behind the plan to require COFAs to sign a declaration they are satisfied that the firm is managing client accounts in accordance with the SRA Accounts Rules?
If the role of the reporting accountant is diminished or eliminated, COFAs will face far greater personal responsibility. While in-house and external support can
Access this article and thousands of others like it free by subscribing to our blog.
Read full article
Already a subscriber? Login
0330 161 1234