Obtaining and delivery of accountants' reports

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You are reading current version in effect from 25 November 2019

Guidance

Guidance

Planning for and completing an accountant's report - Guidance

Guidance: Advice to help reporting accountants and a firm’s senior managers/ COFA prepare for and complete an accountant’s report and statutory reporting obligations to us.

Notify us about a qualified accountant's report

Download and complete the Accountant's Report (AR1) form.

Accountant's report and the exemption to obtain one - Guidance

Guidance: Understand when the exemption to the requirement to obtain an accountant’s report will apply.

Glossary terms

accounting period

means the period for which your accounts are made up, and that:

  1. begins at the end of the previous accounting period; and
  2. comprises a period of 12 months unless you change the period for which your accounts are ordinarily made up or the accounting period covers your first report or a report after a break from practice in which case the accounting period may be for a period of less than 12 months or for more than 12 months, up to a maximum period of 18 months
client money

has the meaning given in rule 2.1 of the SRA Accounts Rules

client

means the person for whom you act and, where the context permits, includes prospective and former clients

in the SRA Financial Services (Scope) Rules, in relation to any regulated financial services activities carried on by an authorised body for a trust or the estate of a deceased person (including a controlled trust), means the trustees or personal representatives in their capacity as such and not any person who is a beneficiary under the trust or interested in the estate

SRA

means the Solicitors Regulation Authority

client account

has the meaning given to it in the SRA Accounts Rules

authorised body

means:

  1. a body that has been authorised by the SRA to practise as a licensed body or a recognised body; or
  2. a sole practitioner's practice that has been authorised by the SRA as a recognised sole practice
chartered accountancy bodies

means the Institute of Chartered Accountants in England and Wales; the Institute of Chartered Accountants of Scotland; the Association of Chartered Certified Accountants; or the Institute of Chartered Accountants in Ireland

bank

has the meaning given in section 87(1) of the SA

building society

means a building society within the meaning of the Building Societies Act 1986

prescribed

means prescribed by the SRA from time to time