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SRA Consultation on reporting compliance with SRA Accounts Rule

The Solicitors Regulation Authority's (SRA) deadline for the submission of responses to their consultation on reporting compliance with the SRA Accounts Rules was on 18 June 2014.

ICAEW and the Solicitors Group responded to the consultation.

You will be aware that the key matter raised in the consultation was the removal of the mandatory requirement for all firms’ holding client monies to submit an annual Accountant’s Report, with effect for accounting years ending on or after 1 May 2014. Members of the Solicitors Group have met with the SRA in recent weeks. It is clear that they received a number of responses to the consultation paper and that they expect to consider and formally issue their view in the next few weeks.