Preparing for Your SRA Audit
Preparing for Your SRA Audit: A Stress-Free Approach with The Law Factory.
Navigating the complexities of the SRA Accounts Rules can be a daunting task for law firms, especially when the stakes are high and time is limited. Ensuring your systems and procedures are audit-ready requires up-to-date knowledge and meticulous attention to detail. That’s where The Law Factory comes in. With extensive expertise and a thorough understanding of the latest SRA requirements, we can help you streamline your compliance processes, reducing the pressure on your team.
To assist you in preparing, here’s a quick checklist of key areas to review:
Client Money Handling.
Ensure all client funds are recorded accurately and maintained separately from firm funds.
Record Keeping.
Maintain comprehensive and up-to-date ledger entries, including receipts, payments, and transfers.
Bank Reconciliations.
Regularly reconcile client ledgers with bank statements to detect discrepancies early.
Authorisation and Access controls.
Limit access to client accounts and ensure all transactions are authorised appropriately.
Disbursements and Payments.
Keep clear records of disbursements, including invoices and receipts.
Staff Training and Awareness.
Ensure staff are familiar with the latest SRA rules and your firm’s compliance procedures.
Audit Trails.
Maintain an organised audit trail to demonstrate compliance during the audit process.
We are here to help.
Partnering with professionals who stay current with regulatory changes ensures all these elements—and more—are in place. Let The Law Factory take the weight off your shoulders—so you can focus on what you do best, while we ensure your firm is always in a strong position for a successful audit.
It is crucial to recognise that the legal cashiers at a law firm cannot be just anyone. Specialist bookkeepers are essential and hold tremendous value for solicitors’ practices from an SRA Accounts Rules compliance perspective through to a financial management and profitability perspective.
If you would like to discuss how The Law Factory can assist with your Legal Accounts, get in touch with us by emailing [email protected] or call 01531 633545