Professional Conduct: Solicitor Accounts

Question 1

When must you obtain and deliver an accountant report?

Rule 12.1

Account Rule

Answer 1

• If during the accounting period you
• held or recieved client money
  ….
  You must obtain an accountant report for the period within 6 months of the end of the period; and deliver it to the SRA.
  ….

Exemptions whereby no report is needed:

• All client money is from the Legal Aid Agency
• The average balance on client accounts does not exceed £10,000 and the maximum balance does not exceed £250,000

Question 2

When can the SRA require an authorised body to obtain an accountatn report on reasonable notice?

Rule 12.4

Answer 2

1. If the authoriused body has ceased to operate as an authorised body and to hold or operate a client account (i.e a final report); or
2. If it is in the public interest