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With the introduction of the new SRA Standards and Regulations on the 25 November there will be many in the profession who breathed a sigh of relief with the vast reduction in the number of accounts rules.
However, there are wider implications which firms need to consider and getting the correct systems and processes in place will ensure you continue to be compliant.
One major change which will affect several individuals within your firm is that the COFA (under old rule 8.5) is no longer solely responsible for compliance and that all “managers” (new rule 1.2) within the authorised body are jointly and severally responsible.
The phrase “promptly” now appears numerous times and each firm needs to set its own policies around this.
Mitchells Grievson Chartered Accounts have for many years specialised in SRA Audits and supporting the Legal profession in general. With challenging and specific reporting requirements working with a firm of chartered accounts who understand the rules and the implications they have is critically important.
If you would like to discuss these changes on a no obligation basis, please feel free to contact Phil Harnby on 01388 662133 or email@example.com.