Our Solicitors Accounts Rules experts offer two levels of gap analysis to help you to ensure that you are meeting the SRA’s requirements.

One day review of policies and procedures

A one-day gap analysis of your firm’s written policies, processes and procedures as they relate to the SRA Accounts Rules including the production of a written report summarising the strengths and weaknesses of the current arrangements and detailing recommended next steps and actions to put your firm in an even stronger position.

Two to three day gap analysis covering the practical application of the rules in depth

A 2-3 day gap analysis of your firm’s policies, processes and procedures and their application within your firm as they relate to the SRA Accounts Rules including the production of a written report summarising the strengths and weaknesses of the current arrangements identifying any corrective actions recommended as a result of the audit to put your firm in an even stronger position.

The gap analysis covers the:

Client Accounting Documentation and SRA Regulatory Requirements

• Client account
• Client account 3-way bank reconciliations
• Receipts
• Withdrawals and cyber security implications
• Transfers
• Bills/invoicing
• Residual balances
• Unallocated cash/suspense accounts
• Other money: joint accounts, client’s own accounts and TPMAs
• Latest accountants’ report
• Breach register
• Exception reports (e.g. overdrawn client account/firm’s own account in credit/in-hand)

Manuals

• Financial Policies and Procedures
• Interest Policy
• Storage and Retention of Accounting Records Policy
• Time-recording Policy

Registers

• COFA Breach Register – split between items notified / not-notified to the SRA

Ledger Reviews

• A selection of ledgers across work types for each fee earner

To find out more contact us or complete the form below.