SRA Audit

Why Choose Cottons For Your SRA Audit?

You want a reporting accountant who understands how solicitors work, not just how the rules are read. We deliver SRA audits that are thorough, efficient, and geared towards helping you run a safer, smoother finance function that supports your firm’s operations and ensures compliance with regulatory standards. Our audit process is evidence-led and proportionate, so partners, the COFA, and your finance team can keep fee earners moving while we complete the accountant’s report on time.

• Sector expertise: Our dedicated solicitors team works with firms in conveyancing, litigation, private client, probate, commercial, and property transactions.
• Practical recommendations: You get clear actions tied to the Accounts Rules, not generic advice, helping your firm act according to best practice.
• Joined-up services: If you need pre-audit assurance or help implementing fixes, our Internal Control Review and wider Audit and Assurance support can assist.

What We Need To Start Quickly

We keep onboarding simple so the SRA audit runs to a reliable timetable and minimises disruption.

• Client bank statements covering the period
• Client account reconciliations with preparer and reviewer sign-offs
• Client ledger listings and control account reconciliations
• Residual balances report with notes on tracing or charity applications
• Written policy on interest and a small file test, if available
• Breach register and actions log
• COFA summary or meeting notes were held

If any item is missing, we agree on a practical workaround so the accountant’s report stays on track and your firm’s adherence to the rules is maintained.

How We Reduce Disruption For Your Team

Our approach minimises time from client work and helps your employees manage compliance efficiently.

• Targeted requests: We request only the evidence that supports our opinion, focusing on key client transactions and financial reporting.
• Short, scheduled touchpoints: We set brief check-ins with your finance lead and the COFA to clear questions quickly.
• Tidy evidence pack: We help you file evidence to a standard structure that speeds up this year’s audit and makes next year easier.
• Plain English feedback: Findings are written for decision makers, with clear owners and dates, helping your law firm engage with the process smoothly.

Typical SRA Audit Timetable

Every firm is different, but this is the cadence many clients prefer.

1. Kick-off call: Agree on scope, period, and evidence list, and confirm who will coordinate.
2. Evidence handover: Secure upload of reconciliations, statements, and ledgers.
3. Fieldwork: We complete testing and raise a short query list.
4. Close-out: We review responses, finalise conclusions, and brief the COFA.
5. Accountant’s report: Issued with a clear summary of findings and actions.

If you have a fixed year-end or need a faster turnaround, let us know, and we will adjust the plan to fit your firm’s operations.

Common Findings We Resolve Quickly

Firms often ask us to help resolve small but persistent issues that slow the audit and pose risks to compliance.

• Reconciliations prepared but not reviewed: We suggest a simple independent review and sign-off routine.
• Aged reconciling items: We help you age and apparent differences so they do not roll forward.
• Residual balances: We set up a monthly report and action list to reduce balances monthly.
• Interest policy: We check that the policy is clear, then show your team how to apply and sample test it.
• Transfer documentation: We provide a short template so that purpose and approval are always recorded per the SRA Accounts Rules.

If something is more structural, we can run an Internal Control Review to map the process and fix the root cause.

Support For COFAs And Partners

The COFA is central to compliance and acts as the authorised body overseeing client money management. We provide concise reporting that helps them demonstrate oversight and uphold the integrity of the firm’s financial operations.

• A monthly pack template covering reconciliations, aged items, residual balances, interest tests, and breaches
• A breach and actions log format that captures materiality and closure
• A short partner summary that highlights decisions and owners

This informs leadership and gives you a clear audit trail, supporting your firm’s adherence to the Solicitors Regulation Authority’s requirements.

Preparing For Exemption Or An Accountant’s Report

Some firms qualify for exemption; others need an accountant’s report. Either way, the day-to-day discipline is similar. We can:

• Check your current position and give a practical view on the exemption or scope
• Align your month-end checklist to the Solicitors Accounts Rules and best practice
• Set a light quarterly review so issues are found and fixed before year-end

If you move in or out of exemption, we will help you adjust your cadence so compliance remains consistent.

Digital Evidence, Secure Sharing

You can share records through our secure portal or a secure folder. We provide an evidence index and standard file names so your team can retrieve documents instantly. That reduces back-and-forth and creates an archive you can reuse next year. We can schedule a short, one-off session if you want us to help tidy historic files.

National Coverage, Local Service

We work with firms nationwide and can run the entire process remotely or visit your office if preferred. Either way, the rhythm and the deliverables are identical. If you want to speak to a specialist before you commit, use our Contact page, and we will arrange a short call.

Pricing And Scope Clarity

You will receive a fixed fee based on the size of your client account activity and the quality of records. Where you ask us to help with remedial work, we will price that separately so there are no surprises. We keep scope documents short and plain, with clear timelines and responsibilities.

Beyond The SRA Audit: Continuous Improvement

Many firms use the SRA audit as a starting point for improving their finance function. Because we sit across your reconciliations, residual balances, interest policy, and breach logging, we can spot where a small change delivers a significant result. If you want to go further, our wider Audit and Assurance team can help standardise month-end, strengthen controls, and improve the quality of management information without adding unnecessary administration.