2025 has begun with the SRA consultation on client monies being in full swing and the start of the SRA spot checks on law firms and their accountant's audit reports. The SRA first mentioned this at the Compliance Officer Conference in November 2024. Firms were informed in December if they had been chosen for a spot check with the window opening for the return of the questionnaire in January 2025.
So what did the questionnaire ask and how did we answer?
The first five questions were asking if you had an accountants report, was it qualified and could you please upload the report. Interestingly, questions six to twelve were all about your residual balances.
So, how many residual balances do you have in your firm? How long have you had them? What’s the value of them? How many current files have residual balances?
For many firms residual balances have been a problem in the past but if we are adhering to Rule 2.5 of the SRA Accounts Rules we should not be getting very many of them at all.
Also, are we keeping residual balances to keep up the amount of money in our client account to get more interest on that money?
MLRO/MLCO/deputy MLRO/Compliance Team
This webinar is suitable for all levels
In this session we will look at the following:
- The Accountants Audit Report Spotchecks – why are they now being undertaken
- What questions did the questionnaire ask?
- What does the SRA Accounts Rules say about residual balances
- Why are residual balances an issue in lots of firms?
- How should we deal with them
- What are the knock on effects of having these residual balances
- How do they fit into the big picture of the SRA consultation on client money
This live webinar contains a 45-minute presentation from Jo Morris, a 15-minute Q&A session where you can ask any questions you'd like directly to Jo. You can download your own copy of the presentation and resources to refer to during and after the live webinar.
You will be able to actively listen to the course and ask questions to the speaker.
This live webinar provides you with 1 hour of learning.
Attendees will receive a CPD certificate upon completion of this course.
The live webinar begins at 10am.
The £59 +VAT price includes:
- 45-minutes of topical content
- 15-minute interactive Q&A
- comprehensive notes
- additional resources
Of course! Once you select the live webinar, you will have the option to select the number of tickets you want to purchase, then you can follow the instructions on the screen. Once your payment has been processed, you will then be asked to assign the tickets to those attending. Each delegate will then receive an email with instructions on how to finalise their booking.
Simply get in touch with info@formediagroup.co.uk to request an invoice, you will need to let us know which live webinar you are booking and how many attendees you need to book.
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About the speaker
Jo Morris
Jo Morris has almost forty years’ experience of working in solicitors’ practices from being a legal cashier, practice manager and risk and compliance training manager. Jo has been a freelance trainer and consultant since 2015 having previously been the Risk and Compliance Training Manager for a top 40 law firm.
Jo delivers training in many compliance topics including Anti-Money Laundering, Anti-Bribery Compliance, SRA Standards and Regulations including the SRA Accounts Rules and courses specifically designed for the MLRO/MLCO.
She is qualified NVQ assessor and holds a Certificate in Education for Teaching in the Lifelong Learning Sector.
She was highly commended in 2011 by the Legal Education and Training Group (LETG) in the category Best Programme for Lawyers for Solicitors Accounts Rules training. She was shortlisted in the Compliance Trainer of the Year category in the C5 Women in Compliance Awards in 2014.
Jo is also a Compliance Support Panel member and trainer for the Association of Legal Compliance and Accounts (ALCA)
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