A thousand more law firms will no longer be required to submit accountants’ reports, the Solicitors Regulation Authority decided at yesterday’s board meeting. The change is set to be introduced on 1 November 2015.
The Solicitors Regulation Authority has delayed the introduction of the second phase of its reforms of the rules on submitting accountants’ reports from next month to November this year.
Giving reporting accountants more responsibility in identifying risks to client money will encourage law firms to play the “blame game”, the Solicitors Disciplinary Tribunal has warned.
The Solicitors Regulation Authority is proposing to cut further the number of law firms required to submit annual accountants’ reports, setting out a revised set of criteria for accountants to decide whether reports should be qualified.