Regulatory reform will reduce burden on more compliant firms
The latest SRA decision regarding regulatory reform will ensure that they will remain informed of firms that have poor compliance to the Accounts Rules, says top-20 UK accountancy firm, Wilkins Kennedy LLP.
Following last week’s announcement, the Board of the Solicitor’s Regulation Authority (SRA) has taken further steps to deliver its programme of Regulatory reform but have retained the requirement for an annual Accountants Report.
This should mean that the risk of negative press arising from legal practices with poor compliance will not affect more compliant firms who strive to ensure their internal client money controls are as robust as possible.
Tommy White, partner at Wilkins Kennedy LLP said:
As part of our original response to the consultation we suggested that the current format of the report should have been considered, perhaps reducing the focus on non-trivial breaches of the rules, whilst flagging financial issues which formed part of the SRA drive on financial stability.
However, we are pleased the SRA has decided to retain the requirement of an annual Accountant Report as it will mean the more compliant firms will be unaffected, but are disappointed that the opportunity to reassess the report in its current format was missed.