Precision auditing for regulatory peace of mind
SRA Accounts Rules compliance is a fundamental requirement for any law firm, yet the audit process is often seen as a box-ticking exercise. At Armstrong Watson, we take a different approach. We provide "Focused Audits" that satisfy the SRA’s requirements while delivering a deep-dive assessment of your firm’s financial hygiene and internal controls.
As a firm working in partnership with the Law Society, we understand the pressures facing your Compliance Officer for Finance and Administration (COFA). Our role is to act as a "critical friend," identifying potential systemic risks before they escalate into reportable breaches, thereby protecting the firm’s reputation and its partners’ capital.
More than just an SRA Accountant’s Report
Our focused audits are led by legal sector specialists who understand the daily realities of legal cashiering and client ledger management. As a founding partner of Law Firm Ambition, we focus on the areas of highest risk and highest value to your practice:
- Systems and Controls Review: We evaluate the robustness of your financial systems, identifying weaknesses that could lead to fraud, errors, or regulatory non-compliance.
- Client Money Integrity: We perform rigorous testing to ensure the absolute separation of client and office funds, providing the high level of assurance required by the SRA.
- Commercial Recommendations: Our audit reports include practical, commercial advice on how to improve your internal processes, streamline your finance function, and enhance your overall financial governance.
- Cyber-Security Awareness: Given the legal sector's vulnerability to "Friday afternoon fraud," we assess the financial controls surrounding your payment systems to safeguard against interception and social engineering.
Supporting your COFA and management team
An audit should be a constructive process. We pride ourselves on our professional, unobtrusive approach, working collaboratively with your team to resolve issues efficiently. We provide your board with a clear, jargon-free management letter that highlights key findings and provides a roadmap for continuous improvement.
Bespoke and fixed-fee audit options
We believe that compliance costs should be predictable. We offer fixed-fee options for our SRA-focused audits, allowing you to manage your firm’s budget with total certainty.
Our fees are tailored to the complexity and volume of transactions within your firm. Following an initial consultation and a review of your previous accountant's reports, we provide a transparent, bespoke quote that reflects the specialist expertise and high level of assurance we provide.
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