Setup - What we need each year
for your Annual solicitors accountant's report under Solicitors' Accounts Rules SAR

Proposed removal of the SRAs Accountants Report
The Solicitors Regulation Authority (SRA) has launched a consultation proposing to remove the mandatory requirement that firms must submit an annual accountants report together with other regulatory proposals.
If these proposals are implemented The SRA does not expect that firms whose reports are due after October 2014 will need to submit them.

Setup - at the start of the annual work we need:

  • Confirm the period of the report which has been agreed with the SRA.
  • Confirm the due filing date or extended due filing date which has been agreed with the SRA.
  • Details of all resident partners (or equivalent) and practice premises.
  • Any outside business interests or involvements with clients.
  • Details of the main areas of work carried on by the practice.
  • A list of specimen signatures of persons authorised to sign cheques and authorise withdrawal from a client account (in accordance with Rule 23).
  • A list, signed by the solicitor, of all bank and building society accounts used in the practice.
  • Written confirmation whether or not controlled trusts exist.
  • Copies of all bank mandates, signed by the solicitor.
  • Details of arrangements with bankers for retention of clients' account paid cheques.
  • Approval to the bank for disclosure of account and cheque enquiries, or confirmation that this is still in force from the prior year.
  • Copy of previous year's Accountants' Report, normally from our files or from the previous accountant.
  • Details of accounting systems.
  • Details of any inter-client transfers during the period.
  • Names of all fee-earners, cashier and administration staff.
  • Knowledge of Solicitor's Accounts Rules for all fee-earners, cashier and administration staff.
  • Our engagement letter for new engagements, signed by the solicitor, or updated from the prior year if necessary.
  • Sight of professional indemnity insurance certificates over the Report period and up to date.

We are then ready to move into the detailed planning and checking

Setup details when we start the SAR annual report work. Help us keep your fee down.