New Solicitors Accounts Regulations

The Law Society has published new Solicitors Accounts Regulations which come into operation on 1 July 2023 replacing the current regulations issued in 2014.

The key impacts on the reporting accountants are: 

• Reporting accountant’s reports are to be filed within five months of the accounting date.
• Reporting accountant to test check postings before and after accounting date.
• Reporting accountants to test check that withdrawals of fees are notified to the clients.
• Reporting accountants may report, directly to the Law Society, an opinion or a suspicion of a deficit, rather than waiting to submit annual report.
• Closing reporting accountant’s reports are to be filed within three months of cessation.
• Reasons are to be provided for withdrawal of approval of a Reporting accountant.
• 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.

For further information on the significant changes that impact on solicitors see the Law Society webpage.