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Hayvenhursts Chartered Accountants
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Martyn Hayven
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Solicitors Regulation Authority (SRA) Audits
Solicitors Regulation Authority (SRA) Audits Discussed by Hayvenhursts Accountants

BriefingWire.com, 3/26/2020 - FOR IMMEDIATE RELEASE

UK - Solicitors Regulation Authority (SRA) Audits

Solicitors Regulation Authority SRA audits are specific to the legal industry and firms that are SRA registered, which is most of them. If any solicitor, law firm or manager of a solicitors or lawyers firm in England or Wales holds client money as part of any of their services then an SRA audit is required.

Examples of this are; business’s doing conveyancing and probate work as they hold client’s money as the house buying and selling chain completes and whilst probate is completed and finalised. There are some exemptions and limits to the SRA rules and guidelines but essentially, if a business holds a client’s money at any time during their service they will be audited.

Some firms only specialise in certain areas, as an example; immigration and visa’s and they are paid by their clients on a set fee or a time cost basis, therefore the only money they are paid is the fee for the service they have provided, therefore SRA audit regulations do not apply.

When a house is brought and sold the house funds are passed through the conveyancing solicitor or solicitor firm’s bank account. There will be a period of time that they will hold their client’s money as the buying and selling chain proceeds. This means there is an amount of time that they are holding a client’s money which isn’t theirs. Quite often a solicitor’s conveyancing fees will be taken out of this money and so the rules and regulations are very stringent to ensure customers money is protected at all times.

The Solicitors Regulation Authority (SRA) audits checks that everything is as it should be and on an annual basis at audit time samples are taken to trace through client money transactions thoroughly. Solicitor’s and Solicitor firms must have separate client bank accounts and follow strict procedures to regularly and stringently reconcile the account.

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After an SRA audit has been completed the Solicitors Regulation Authority will send a report which confirms everything is adequate and the correct processes are in place, or it will highlight any problems that have been discovered. The penalties issued by the SRA for problems found and processes not been followed can be very high. Non-compliance is taken very seriously so it is vitality important that solicitors and solicitor firms obtain a clear audit report each year and this is a service that Hayvenhursts can help you with.

A positive SRA Audit Report gives confidence to customers that their money will be protected for anyone who may be considering their service.

About Hayvenhursts Chartered Accountants

The Solicitors Regulation Authority (SRA) require that any solicitor or law firm who holds client money has their client accounts audited by an external accountant to ensure compliance with the Solicitors’ Accounts Rules.

We are specialists in the field of the Solicitors Regulation Authority (SRA) Audits and have been for many years, and we have a large number of Solicitors and Law Firms on our books that are highly satisfied with our services and the competitive fees we charge.

Read our full article here to find out everything you need to know: hayvenhursts.co.uk/accountancy-services/solicitors-regulation-authority-sra-audits/

 
 
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