What is SRA audit?

What is SRA audit?

An SRA Audit is an annual audit of solicitors who are required to report the money that passes through their client accounts. Annually solicitors are required to report to the Solicitors Regulation Authority (SRA) about monies passing through their client accounts.

What is qualified accountant report?

Submitting a qualified accountant’s report You only need to supply a report where an accountant has qualified it. For example, if client money is at risk. It only applies to firms who at any time during an accounting period: held or received client money. operated a client’s own account as signatory.

What is SRA report?

What is SRA Reporting? Secure Remote Access (SRA) reporting allows you to configure and design the way you view your reports and the manner in which you receive them. This feature offers various types of static and dynamic reporting in which you can customize the way information is reported.

What is a client account?

a bank account that a person, business, or organization keeps for a customer in order to keep the customer’s money separate from their own: Solicitors have a duty to account to their clients for interest earned by placing such monies in a solicitor’s client account.

Who does the SRA apply to?

We regulate all solicitors and most law firms in England and Wales. We protect and help the public by making sure: solicitors and law firms meet our high standards. we take action against solicitors who don’t follow our rules – for instance, by taking someone’s money or acting dishonestly.

How is SRA funded?

We are funded primarily from practising fee income collected from solicitors and law firms, with additional income from regulatory activities such as authorising firms to offer legal services.

What is the SRA Code of Conduct?

The Code of Conduct describes the standards of professionalism that we, the SRA, and the public expect of individuals (solicitors, registered European lawyers and registered foreign lawyers) authorised by us to provide legal services.

What is client money SRA?

Rule 2: Client money 2.1 ” Client money ” is money held or received by you: (a) relating to regulated services delivered by you to a client; (b) on behalf of a third party in relation to regulated services delivered by you (such as money held as agent, stakeholder or held to the sender’s order); (c) as a trustee or as …