SRA Client Money Audits
Are you a solicitor or law firm in need of an SRA Client Money Audit?
All solicitors in England and Wales must undergo an annual SRA Client Money Audit outlining any money passing through their client accounts.
If the audit detects any failures in compliance, a report must be submitted to the SRA (Solicitors Regulation Authority). The report must be prepared and signed by a registered auditor and submitted within 6 months of the accounting period.
Does my law firm need to appoint an auditor?
You are required to appoint a statutory auditor to perform a SRA Client Money Audit if your law firm has held or received client money.
The SRA rely on the auditor’s professional judgment to assess a law firms compliance, so it’s important to use an experienced auditor with an extensive knowledge of Client Money Audits.
We can help – find out more about our auditing services.
Why are SRA Client Money Audits important?
Law firms need to be transparent when it comes to handling client money. Mandatory SRA Client Money Audits ensure that all law firms are being held to the same standards. They also provide reassurance to both existing and potential clients that their money will be dealt with appropriately.
During the your SRA Client Money Audit the auditor will require evidence that any client money is kept safe and paid promptly into a separate client money bank account. The auditor will also check that your law firm has appropriate systems and controls to safeguard client money.
Find out how we could help with your SRA Client Money Audit
If you think that your law firm may be required to appoint an auditor please contact us – we would be happy to help. You can call our team on 01934 412097, email , or complete the form on our contact page and we’ll be in touch shortly.
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