SRA Audit

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What is an SRA Audit?

Remaining compliant with the law is a central concern for any business, yet due to the complicated set of legal rules presented to different firms, they can distract from the day-to-day running of the respective business. An audit from the Solicitors Regulation Authority (also known as the SRA) is just one example of this: solicitors with client money accounts are required to report to the Solicitors Regulation Authority annually regarding the monies passing through their clients’ accounts.

The ever-evolving set of rules outlined in the SRA handbook – which tend to shift every few years – and complicated processes can present a struggle to those it seeks to audit. Thus, it follows that we recommend handing over the process to those with the relevant experience and expertise to ensure the audit is completed swiftly.

Why Use Nordens For Your SRA Audit?

At Nordens, we appreciate that solicitors often have busy schedules. Thus, by outsourcing the SRA Audit, you can ensure a fast and fault-free service that leaves your firm legal-trouble free; this is of particular importance given the risk of technical breaches due to the complex process. And thanks to our vast knowledge of the berth of rules you are expected to comply with, we can provide a tailored experience to your firm. Considering our stretch of experience not only with solicitors but also with businesses of every shape and size, we can promise this individualised service.

This starts with ensuring the necessary documentation is present prior to deadlines, and that the firm complies with the SRA accounting rules. The SRA stipulates in their handbook that protecting client money and assets, and practicing both financial and risk management are the central principles of the Audit. Another requirement is expressing this safeguarding openly to the public. However, Nordens doesn’t just assist solicitors with each facet of remaining compliant with these SRA requirements. We can also advise on your current practices that can undergo improvement, and introduce the relevant software to your firm to safeguard client monies.

Our Expert SRA Audit Service

Nordens clients can enjoy a complete, SRA Audit service swiftly and smoothly finalised by our expert, chartered certified accountants.

SRA Handbook Experts

Software To Safeguard Client Monies

Expert Advice On Safeguarding Client Monies

A Completed SRA Audit

Frequently Asked Questions

At Nordens, we know that SRA audits can look confusing. That’s why we’ve answered some of the questions we get emailed, tweeted, and asked everyday:

The Solicitors Regulation Authority – also known as the SRA – is one of the main regulators of solicitors in England and Wales. Its main function is to ensure all solicitors with client money accounts submit an annual accountants’ report; this seeks to protect and promote public interest; protect and promote the interest of consumers; increase awareness of public understanding of citizens’ legal rights; and promote competition among the services provided by solicitors. It carries out this set of functions via the rules and principles set out by its Solicitors Handbook.

Given the stipulated role of the SRA, these audits are considered important as they serve, protect and promote public interest. By ensuring the transparency of solicitors in their financial dealings, funds can be prevented from being misappropriated. However, these audits don’t just benefit the public; they can provide a necessary review of the solicitor’s financial situation, as well as a reflection on their compliance with the law. Thus, by enforcing integrity across the industry, you can be sure that justice is being served.

An audit is an investigation of an organisation’s accounts. It is typically carried out by an independent body, but internal audits can also serve a managerial purpose by reflecting on internal controls and finances. The purpose of audits are to ensure that the financial records kept are fair, and are an accurate representation of the transactions contained within them.

There is a variety of audit types, including Internal Revenue Service Audits which relate to the accuracy of a taxpayer’s return. However, the SRA Audit is only for solicitors with client money accounts.

The most recent changes occurred in 2011: The SRA shifted its focus towards outcomes rather than rules which centred on ensuring high-standards of service for consumers. The 2011 reporting rules changed to claim that all solicitors were required to: provide proof that client money is safe; reassure that they safeguard this money; reassure that monies are held appropriately; and provide the SRA with any issues regarding the protection of this money.

Future changes will take place in November 2019, and will further outcome-focused rules, but will increase the freedom of professional judgement in how these standards are met. The sheer volume of technical rules will be reduced, promoting simpler accounting rules.

The SRA Handbook lays out the standards and requirements expected from the solicitors they regulate. It includes:

The SRA principles which confirm the ethical and professional standards expected from solicitors
The SRA code of conduct which underpins the outcome-focused approach previously mentioned
The requirements of protecting client money
The requirements of the training of those intending to become solicitors, and other requirements for practice
Information on the financial protection of clients
Information on provisions only applicable if certain services are provided to clients

It can be downloaded for free from

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Our specialist strategic division at Nordens boasts some of the leading entrepreneurial business minds in the country. We cater towards delivering consistent success stories, whilst helping businesses achieve above and beyond their initial goals.

Through highly-tailored guidance, coaching and advice, Nordens Strategic are able to define exactly how your business can reach new levels of success.

Regardless of how you define ‘success’ for your business, our strategic service is guaranteed to bring about real and lasting change. By partnering with some of the UK’s top business coaches, we’ll steer you along the path to a greater future.

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With experts in payroll analysis, credit control and financial recording, Accounting2You will lead your business efficiently, and with real purpose, towards a prosperous future.

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In November 2002, having sold our other business interests off earlier in the year, I decided to set up Nordens Chartered Accountants. The easy part was knowing how to do it, as I had established and built a smaller practice a few years earlier. The difficult part, for me, was not following the traditional accountancy path. Having run businesses, both successfully and unsuccessfully, I wanted to help business owners resolve their short term problems and work with them to achieve their longer term goals. Business has always been my interest and I love that I can help business owners achieve what seems like the impossible every single working day.

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