Solicitors Accounts Rules Audit From Qualified Reporting Accountants
Protecting client money is not optional for law firms. ABM Chartered Accountants provides the SRA accountant’s report your firm needs, testing your compliance with the Solicitors Accounts Rules and identifying any issues before they reach the regulator.
Client Money Compliance Checked by Chartered Accountants
If your law firm holds or receives client money, you must obtain an annual accountant’s report from a qualified reporting accountant. The report examines whether your firm complies with the SRA Accounts Rules, focusing on how client funds are handled, recorded, reconciled, and safeguarded. ABM Chartered Accountants delivers this with the expertise the SRA expects.
Our ICAEW and ACCA qualified accountants carry out the reporting accountant’s work in accordance with ICAEW Technical Release 01/21 AAF. We test your client account reconciliations, review your breach register, assess your interest policy, and exercise professional judgement on whether any findings require qualification in the report.
What Our SRA Accounts Audit Covers
From reviewing your client money procedures to preparing the accountant’s report, here is how ABM Chartered Accountants helps your law firm stay fully compliant with the SRA.
SRA Accountant's Report
Preparing and signing the accountant's report on your compliance with the SRA Accounts Rules.
Client Money Review
Reviewing how your firm handles, records, and safeguards client money held in client account.
Reconciliation Testing
Testing your client account reconciliations to confirm they are completed within five weeks.
Breach Assessment
Reviewing your breach register and assessing whether any breaches are material enough to qualify.
COFA Support
Supporting your Compliance Officer for Finance and Administration in meeting SRA obligations.
Regulatory Compliance
Advising your firm on meeting the SRA Accounts Rules and preparing for regulatory changes ahead.
Protect Client Money and Your Firm's Reputation
A qualified accountant’s report is submitted directly to the SRA and can trigger regulatory scrutiny, including investigation and enforcement action. Failures in client money handling are one of the most common reasons the SRA intervenes in law firms. ABM Chartered Accountants helps you avoid that outcome by identifying and resolving issues before the report is finalised.
Beyond compliance, a clean audit gives your clients confidence that their money is safe. It strengthens your firm’s reputation with lenders, referrers, and insurers. We also use the process to highlight improvements in your financial controls that can make your firm more efficient and better protected year-round.
SRA Accounts Audits for Law Firms Across England and Wales
Based in Canary Wharf, London, ABM Chartered Accountants provides Solicitors Accounts Rules audits to law firms across England and Wales. We deliver reports efficiently within your six-month deadline.
SRA Audits for Every Type of Law Firm
We act as reporting accountants for conveyancing firms, commercial practices, litigation firms, family law specialists, personal injury firms, and mixed-practice solicitors. Whatever your area of law, we understand your client money flows.
Why Law Firms Choose ABM Chartered Accountants as Auditors
Qualified Reporting Accountants
ICAEW and ACCA members with registered auditor status.
SRA Rules Expertise
Deep knowledge of every Solicitors Accounts Rules requirement.
Issues Resolved Early
Problems identified and addressed before the report finalised.
How We Work
Initial Consultation
Set Up and Onboard
Ongoing Support
We provide regular reviews and proactive advice to keep your finances optimised and HMRC-compliant.
Get in Touch Today
Whether you need help with your tax return, payroll, VAT, or business advisory, our qualified UK accountants are ready to provide clear, practical guidance for your specific needs.
Book a Consultation
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Frequently Asked Questions
Here are answers to the SRA audit questions we hear most often. Contact our team for tailored guidance.
Does my firm need an SRA accountant's report?
You need an accountant’s report if your firm has held or received client money, or operated a client account, at any point during the accounting period. There is an exemption for firms that only held client money in very limited circumstances as defined by the SRA.
Who can prepare the accountant's report?
The report must be prepared and signed by a member of a chartered accountancy body such as ICAEW or ACCA who is, or works for, a registered auditor. ABM Chartered Accountants meets these requirements and acts as reporting accountant for law firms.
When must the report be submitted?
The accountant’s report must be obtained within six months of the end of your accounting period. If the report is qualified, it must be submitted to the SRA within that same six-month window. The SRA is also consulting on requiring all reports to be submitted.
What could cause a qualified report?
Common causes include late or incomplete client account reconciliations, unresolved differences on reconciliations, failure to keep proper accounting records, improper use of client account, and unrecorded or unresolved breaches. ABM Chartered Accountants works with your COFA to address issues before they lead to qualification.
What is the role of the COFA?
The Compliance Officer for Finance and Administration is responsible for monitoring your firm’s compliance with the SRA Accounts Rules. They must maintain a breach register, oversee reconciliations, and ensure client money is properly safeguarded. We support your COFA throughout the year.
How much does an SRA audit cost?
Fees depend on the size of your firm, the volume of client transactions, and the number of client accounts held. We offer transparent, fixed-fee pricing agreed before the engagement begins. Contact ABM Chartered Accountants for a quote for your firm.