SRA Legal Audit Services - Solicitors Regulation Authority Audits

Reducing Your Legal Audit Workload

We're a leading firm of Chartered Accountants*. We support your compliance with UK legislative requirements and enhance your understanding of commercial risks. We streamline your legal audit process and minimise time investment by:

• Minimising your audit emails and queries: Using our specifically designed audit portal to streamline communication and document sharing throughout the audit process
• Working remotely when able: Minimising our time at your office while maintaining the same high standards of audit quality and communication
• Working efficiently: Our streamlined audit processes focus on areas of highest regulatory risk, ensuring efficient and effective SRA compliance verification
• Leverage our legal audit experience: We audit many legal firms and check compliance to SRA Accounts Rules, bringing extensive experience to your engagement

ICAEW and FRC Registered Auditor

We're registered and regulated by the ICAEW and the FRC. When required, our audit services meet all Solicitors Regulatory Authority (SRA) compliance standards.

SRA legal audits must verify compliance with key SRA Accounts Rules requirements, including client money segregation, reconciliations, record-keeping, internal controls, office account compliance, and regulatory reporting. Our regulatory standing ensures that our SRA audit reports meet the highest professional standards and are accepted by the SRA.

Legal Audit Experience and Expertise

We perform audits for many legal firms and confirm compliance with SRA Accounts Rules. Our team has the resources and expertise to complete your legal audit requirements efficiently.

• Experienced Audit Team: We have a rapidly growing team of 20 experienced auditors – 50% from top-4 and top-5 firms, bringing Big Four expertise with mid-tier responsiveness and personal service
• Full-Service, Mid-Sized Firm: As a full-service, mid-tier audit practice, we combine the resources necessary to handle complex SRA audit requirements with the personal attention and responsiveness that comes from our focused size
• Multiple Office Locations: We operate from several office locations with our primary base in West London, providing accessibility and convenience while maintaining the personal service expected from a mid-tier firm

Statutory Accounts and Tax

We are able to prepare your statutory accounts and help reduce your corporation tax. Our integrated approach combines SRA audit expertise with accounting and tax services, providing a comprehensive solution for solicitors' practices and law firms. This integrated service enables you to benefit from seamless coordination between audit, accounts preparation, and tax planning, ensuring compliance and optimising your tax position.

Key Areas of SRA Legal Audit Focus

Our SRA legal audits focus on critical areas ensuring compliance with SRA Accounts Rules:

• Client Money Bank Accounts: Verification that client money is held in approved client bank accounts meeting SRA requirements
• Client Money Reconciliations: Assessment of daily reconciliation processes ensuring client money balances match firm records
• Client Money Records: Review of record-keeping systems ensuring accurate tracking of client money movements and balances
• Client Money Controls: Evaluation of internal controls preventing misuse or misappropriation of client money
• Office Account Compliance: Assessment of office account compliance with SRA Accounts Rules
• Interest Calculations: Verification of interest calculations on client money, ensuring compliance with SRA requirements
• Regulatory Reporting: Verification of regulatory reporting to the SRA, ensuring accuracy and compliance

SRA Legal Audit Process

Our SRA legal audit process is structured to provide comprehensive compliance assessment while minimising disruption to your practice:

1. Planning and Scoping: Initial assessment of your firm's client money activities, identification of key risk areas, and development of tailored audit approach
2. Systems and Controls Review: Evaluation of SRA-related systems, processes, and internal controls ensuring compliance with SRA Accounts Rules
3. Client Money Testing: Detailed testing of client money reconciliations, segregation arrangements, and record-keeping systems
4. Compliance Assessment: Comprehensive assessment of compliance with SRA Accounts Rules, identification of any breaches or areas for improvement
5. Reporting: Preparation of SRA audit report for submission to the SRA, including findings, recommendations, and management responses
6. Follow-Up: Ongoing support addressing audit findings and implementing recommendations to strengthen SRA compliance

SRA Audit Reporting

SRA legal audits require submission of audit reports to the SRA, providing regulators with independent assurance on your firm's compliance with SRA Accounts Rules. Our SRA audit reports include:

• Assessment of compliance with SRA Accounts Rules
• Identification of any breaches or deficiencies in SRA compliance
• Evaluation of systems and controls for safeguarding client money
• Recommendations for strengthening SRA compliance and reducing regulatory risk
• Management responses to audit findings and action plans for addressing deficiencies

*Acumon is positioned among the leading UK accountancy firms, having been only £37k short of the top 100 in the Accountancy Age 50+50 list for 2024. Since publication, there have been significant market consolidations; Acumon has continued to grow organically and through strategic acquisitions. Our substantial client base and PIE audit license demonstrate our capability and market position.