Updated guide to Solicitors Accounts Regulations


Following updates to the Solicitors Accounts Regulations which became effective from 1st July 2023, CCAB-I has issued updated guidance for Reporting Accountants which can be found here.

The new regulations can be accessed here .

Key changes include the following;
  • Reporting accountant’s reports are to be filed within five months of the accounting date.
  • Balancing statements are to be prepared at quarterly intervals in respect of client account transactions.
  • Reporting accountant to test check postings before and after accounting date.
  • A listing of client ledger balances outstanding two years or more is to be prepared at the accounting date and furnished to the Law Society by the Reporting Accountant.
  • Reporting accountants may report, directly to the Law Society, an opinion or a suspicion of a deficit, rather than waiting to submit annual report.
Further information can be found on the Law Society’s website here.