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As A Solicitors, Do Your Accounts Need Professional Auditing? Solicitor Accounting Rules 2021
Ashby Digital Agency • Jul 26, 2021
As A Solicitors, Do Your Accounts Need Professional Auditing?
Know where your Solicitors stands with getting your accounts audited.
Don't wait around too long to find out where you stand with your accounts, action your account planning as soon as possible. The first step is going to be researching the regulations. To support you, we've answered some of the most asked questions...
Who performs account auditing?
Account auditing will be conducted by a trained Accountant. As a Solicitors, your accounts will be audited by a Legal Accountant who is trained to deal with legal firm finances.
The general responsibilities of a Legal Accountant include:
- Provide ongoing financial advice (initial structure, expansion, tax matters and more)
- Process and analyse financial data
- Reporting findings to the business
- Support with tax filing
- Ensure legal financial compliance
- Monitor financial performance
- Undertake monthly and/or quarterly reviews of accounts
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Confused about whether or not your accounts need auditing?
Solicitors and law firms who hold clients’ money are required by the Solicitors Regulations Authority (SRA) to have their clients’ accounts audited by an external accountant to ensure compliance with Solicitors Accounts Rules.
DISCOVER OUR LEGAL ACCOUNTING SERVICE
Ensure your accounts are compliant with the Solicitors Accounts Rules. Our team of experts will happily help you get your client's accounts audited quickly and accurately saving you time and money.
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