Solicitors (SRA) Audits
Law firms that handle client money must comply with the Solicitors Regulation Authority (SRA) Accounts Rules. An SRA audit provides independent assurance that your firm is managing client funds properly and meeting all regulatory obligations. It’s an essential process for protecting your business, your reputation, and your clients.
What is an SRA audit?
An SRA audit is an independent review of how a law firm manages client money, ensuring compliance with the SRA Accounts Rules. It involves examining how client accounts are maintained, how transactions are recorded, and whether appropriate internal controls are in place to prevent errors or misuse.
An SRA audit is not just a regulatory obligation. It ensures your law firm’s operations maintain integrity and you are meeting regulatory standards, which is a key part of protecting your firm’s professional standing and client relationships.
Benefits of an SRA audit
An SRA audit provides peace of mind and regulatory protection by:
- Ensuring full compliance with the latest SRA Accounts Rules
- Safeguarding client money through effective financial controls
- Reducing the risk of fraud, error, and reputational damage
- Enhancing trust between clients and regulators
- Helping avoid penalties, disciplinary action, or licence restrictions
Who needs an SRA audit?
Our SRA audit services are suitable for a wide range of legal firms, including:
- Solicitor and law firms – Any practice holding client money under SRA regulation
- Conveyancing solicitors – Managing funds for property transactions
- Legal aid providers – Handling government funds under strict accountability measures
Our SRA audit process
We provide a comprehensive and efficient audit, tailored to your firm’s operations:
- Initial assessment – Reviewing your financial procedures and client account setup
- Detailed examination – Checking records for compliance, accuracy, and segregation of funds
- Internal controls review – As part of our details work, we evaluate safeguards and recommend improvements
- Audit report – For you to deliver to the SRA to meet your compliance requirements, this demonstrates the firm’s adherence to the SRA Accounts Rules.
Protect your practice and ensure full SRA compliance
Contact our specialist SRA audit team today on info@smh.group or 01142 664 432 to learn more about our SRA audit services and how we can help you.
