Janet Taylor has confirmed that the May updates will cover the new rules announced in November 2018.
After a lengthy consultation period the Legal Services Board finally approved the new SRA Accounts Rules in November 2018.
The rules are likely to become effective by July 2019. But you can’t wait until then!
While shorter, and apparently simpler than the existing rules, things are not quite as straight forward for all firms. Law firms need to prepare now for the changes and will be looking to their Reporting Accountants for advice now.
This seminar will ensure you know the detail of the new rules and understand
• where changes will need to be made to a firm’s existing procedures and system, such as:
- dealing with disbursements;
- operating clients own bank accounts;
- agreed fees;
• areas where they can adopt a ‘business as usual’ approach if they prefer
• the implications of the move to principles-based rules going forward
• any additional written guidance from the SRA
• the implications for the reporting accountant’s work
- what will the accountants be testing against?
- how will that impact on the RA’s judgement of what to do and how much to do?
- the impact on reporting to the SRA
In addition, the seminar will provide the latest on the Accountant’s Reports including a review of:
• Any ongoing or new risk issues
• Qualified reports: Expectations from the SRA and Latest figures and feedback from the SRA