Harris Bassett have a number of years’ experience in undertaking audits in accordance with the Solicitor Accounts Rules and preparing accounts for single and multiple office practices. In May 2014 the Solicitors Regulation Authority announced fundamental changes to the regulatory framework for solicitors and at present Phase 1 and Phase 2 of a 3 phase process have been agreed and implemented. Under these changes an Accountants Report is only delivered to the SRA if it has been qualified by the accountant as a result of material breaches. The new regime also sees the removal of the list of prescriptive tests, which accountants had to follow in order to complete the Accountants Report, and requires accountants to now use their professional judgement in adopting a suitable work programme. At Harris Bassett we have the necessary experience to provide this professional judgement, to ensure that solicitors are compliant with the latest SRA rules and appropriately safeguarding client money.
Harris Bassett also have the experience in producing statutory accounts for sole practitioners, partnerships and incorporated practices directly from legal accounting software packages, ensuring compliance with tax and statutory requirements. As part of the overall process we offer commentary on the adequacy of systems to ensure robust systems of internal control are in place and report these findings in a formal report to management.
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