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Bespoke Trainings
The SRA Accounts Rules
Course overview
This bespoke, practical deep-dive demystifies the SRA Accounts Rules and shows how to apply them day-to-day. Aimed at COFAs, finance managers/cashiers and anyone with responsibility for client money, the course blends worked examples with real-world scenarios. We focus on high-risk pinch points (use of client account, withdrawals, transfers, reconciliations, residual balances), common pitfalls seen by reporting accountants and the SRA, and what robust controls and evidence look like in practice. Delegates leave with clear templates, checklists and an action plan to strengthen their firm’s systems and records.
Course objectives
By the end of the course, delegates will be able to:
- Explain the purpose and scope of the SRA Accounts Rules and how they interact with the Codes of Conduct and your firm’s finance procedures.
- Distinguish accurately between client money, office money and mixed/third-party funds, and decide what goes into which account (including payments on account and mixed receipts).
- Operate the client account lawfully: paying in, earmarking funds to matters, and making appropriate withdrawals (including bills, disbursements and reimbursements).
- Prevent the client account being used as a banking facility and spot red-flag scenarios early.
- Set up and document effective internal controls: segregation of duties, payment authorities, two-stage checks, online banking controls and audit trails.
- Perform, review and evidence timely three-way reconciliations and investigate/correct differences properly.
- Apply best practice for disbursements and expenses (professional vs overhead), transfers between ledgers, suspense handling and matter balance controls.
- Manage residual balances lawfully and efficiently, including tracing, returning funds and charitable remedies.
- Draft and operate a compliant interest policy, including fair calculation and record-keeping.
- Use alternatives such as joint accounts, client’s own accounts and third-party managed accounts (TPMAs) appropriately, with the right safeguards.
- Maintain complete, accurate accounting records and reports that satisfy both the Rules and your reporting accountant.
- Identify, grade and remediate breaches; maintain a meaningful breach register; and know when/how to report to the SRA.
- Prepare confidently for accountants’ reports and SRA inspections, including evidence packs and staff readiness.
- Turn learning into practice: prioritise a firm-specific action plan to tighten procedures, training and monitoring.
