Solicitors Regulation AuthorityRecently a debate has been raging as to whether Solicitors Regulation Authority (SRA) Audits via its Solicitors Accounts Rules (SARs) should be compulsory.

This consultation contains two proposals:

  • Removal of mandatory requirement for firms to submit an annual accountant’s report to the SRA.
  • Requiring COFAs (Compliance Officers for Finance and Administration) to sign a declaration they are satisfied that the firm is managing client accounts in accordance with the SRA Accounts Rules.

What does that mean? Director of Goringe Auditors Ltd., Jacqui Waring, gives her take on the topic:

What is SRA?

The Solicitors Regulation Authority (SRA) regulates solicitors in England and Wales. It requires all solicitors with client money accounts to submit an annual accountants report. Goringe Auditors* specialises in delivering these reports.