Solicitors Accounts Rules (SAR) Audit
Firms regulated by the Solicitors Regulation Authority (SRA) which hold or receive client money, and which do not qualify for exemption under the SRA Accounts Rules, require a Solicitors Accounts Rules (SAR) audit, for each relevant accounting period.
The exemption applies where during the accounting period the average balance on the client account does not exceed £10,000 and the maximum balance does not exceed £250,000 or where all money received or held is from the Legal Aid Agency.
Firms not qualifying for the exemption are required to obtain an accountant’s report within 6 months of their accounting period end.
The Accountant’s Report
The purpose of the Accountant’s Report is to confirm whether your firm is complying with the SAR. The report only has to be sent to the SRA if significant breaches are reported within it. Despite its name, the report can only be signed by a Registered Auditor.
How MFW can help
We have acted for many legal professionals for a number of years, and we ensure that within our audit teams we maintain specialist knowledge of the SAR. As the Rules are regularly updated, our teams attend regular courses to ensure that they remain fully up to date and understand not only the current regulations but also any proposed changes which may impact your firm in the future. Our focus is on helping you to remain compliant.
We understand that different firms have different ways of working and we take the time to understand your accounting systems, compliance procedures and control processes so that we can tailor our work to minimise any disruption to your practice.
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