News – 02.12.24
2024 US tax year end planning for Americans in the UK
The 2023 US tax year ends on 31 December 2023, so now is a good time to consider whether there is anything that you can do to minimise your US tax exposure for 2023 and begin preparing for 2024. … Read more
Insight – 02.12.24
Budget 2024: Reform to the taxation of carried interest
Find out more about the changes coming for capital gains tax and carried interest. … Read more
Upcoming event – 10.12.24
Funding innovation in the technology sector: Are the government doing enough?
Join us for an exclusive roundtable breakfast to explore the question of whether the government are doing enough to support innovation in the technology sector. … Read more
Find us quickly
130 Wood Street, London, EC2V 6DL
enquiries@buzzacott.co.uk T +44 (0)20 7556 1200
The Solicitors Regulation Authority’s (SRA) Accounts Rules have been designed to protect client money. However, it is the responsibility of law firms themselves to design and implement the appropriate processes, procedures and controls to ensure compliance with the rules.
There are two basic categories of internal controls – preventative and detective. An effective internal control system will have both types as each serves a different purpose. Ultimately, controls are in place to protect client money by preventing fraud (either internal or external), human error or any other inappropriate action.
The Solicitors Regulation Authority’s (SRA) Accounts Rules have been designed to protect client money. However, it is the responsibility of law firms themselves to design and implement the appropriate processes, procedures and controls to ensure compliance with the rules.
There are two basic categories of internal controls – preventative and detective. An effective internal control system will have both types as each serves a different purpose. Ultimately, controls are in place to protect client money by preventing fraud (either internal or external), human error or any other inappropriate action.
Here are our top tips for enhancing your internal control environment:
If you think your firm would benefit from an independent review of the internal processes and controls in place let us know. We offer outsourced or co-sourced internal audit programmes or one-off reviews to assess the status of your client money controls and provide insightful recommendations to ensure continuous improvement.
If you would like to find out more about how you can enhance your internal control environment, get in touch via the form below.
We use necessary cookies to make our site work. We’d also like to set optional analytics and marketing cookies. We won't set these cookies unless you choose to turn these cookies on. Using this tool will also set a cookie on your device to remember your preferences.
For more information about the cookies we use, see our Cookies page.
Please be aware:
— If you delete all your cookies you will have to update your preferences with us again.
— If you use a different device or browser you will have to tell us your preferences again.
Necessary cookies help make a website usable by enabling basic functions like page navigation and access to secure areas of the website. The website cannot function properly without these cookies.
Analytics cookies help us to understand how visitors interact with our website by collecting and reporting information anonymously.
Marketing cookies are used to track visitors across websites. The intention is to display ads that are relevant and engaging for the individual user and thereby more valuable for publishers and third party advertisers.