SRA updates guidance for law firms and accountants
Updated guidance for anyone planning for and completing an accountant's report issued by the SRA.
Updated SRA guidance for accountants highlights when and how it would be appropriate for law firms to take money for their costs especially anticipated costs (both the firm’s fees and disbursements).
The guidance should be read by reporting accountants as planning and work programs will need to be altered. The SRA is very clear that the guidance is designed to help:
plan what work might need to be undertaken and how to assure that client money is properly safeguarded
assess what factors might lead the accountant to decide that the report should be qualified and therefore submitted to us for further consideration of the risks posed.
