As the Compliance Officer for Finance & Administration (COFA) for your practice, you’re responsible for ensuring your finances are managed in compliance with the SRA Accounts Rules. These rules exist for the important purpose of protecting client monies, including outcomes-focused provisions on authorising withdrawals from client accounts and accounting for interest.
Any incidents of non-compliance must be recorded and reported to the Solicitors Regulation Authority (SRA) but the type of systems and controls is not prescribed.
Despite the non-prescriptive format of the outcomes-focused regulation regime, don’t underestimate your compliance responsibilities. The SRA adopts a zero tolerance approach to non-compliance, with further investigation, enforcement action or, in extreme cases, removal from practice resulting from non-observance with the SRA Accounts Rules.
You need a robust structure in place to satisfy mandatory SRA regulations and administer your new risk, compliance management and reporting obligations.
That’s where Quill can help...
- Interactive legal accounting software
- In-built safety checks, breach warnings, comprehensive reporting and full audit trail of your finances for transparent client money handling in line with the SRA Accounts Rules
- Adherence with the CLC Accounts Code and Scottish Accounts Rules, should you fall under regulation by these authorities instead
- Automatic warnings of possible breaches as soon as an electronic chit is prepared, continuing to highlight these as postings are processed by the cashier or ledgers are viewed by all staff, until remedied
- Password-protected hosted format provides assurance of client confidentiality, data security and business continuity
- Pinpoint outsourced cashiering service
- We conduct your day-to-day accounts, prepare for annual auditing and routine accounting procedures on your behalf, guaranteed to help you with SRA compliance
- Our cashiers keep an up-to-date log of case-related fees and expenses, and regularly claim back monies due, so that your practice can maintain a healthy cash flow which is a mandatory requirement of outcomes-focused regulation