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- The Solicitors Regulation Authority (SRA) Accounts Rules govern the handling of all monies received by solicitors, including clients' money1. These rules require detailed recording of transactions involving client money and safe storage of records for at least six years2. An accountant's report is required if the firm has held or received client money, operated a joint account, or been a signatory to a client's own account during an accounting period3.Learn more:✕This summary was generated using AI based on multiple online sources. To view the original source information, use the "Learn more" links.On 6 October 2011, the SRA Accounts Rules came into force replacing the Solicitors‘ Accounts Rules 1998. The SRA Accounts Rules forms part of the new SRA Handbook and contains the Solicitors Regulation Authority (SRA) rules which govern the handling of all monies received by solicitors including clients’ money.www.lfpro.co.uk/sra-accounts-rules-2011The accounts rules stipulate that any transactions involving client money should be recorded in detail. These records must be stored safely for at least six years. The SRA also provides a list of good accounting practices. These include: using double entry bookkeeping to minimise errors updating books on a regular basiswww.dunkleys.accountants/news-and-tools/blog/so…
The SRA Accounts Rules state that an accountant’s report is required if at any time during an accounting period, the firm has:
- Held or received client money
- Operated a joint account
- Client’s own account as signatory
www.uhy-uk.com/insights/does-my-firm-require-sr… - People also ask
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