06 June 2023

Law firm accounts overhaul

Multiple-choice questions: In order to be awarded CPD units you must answer the following five random questions correctly. If you fail the test, please reread the article before attempting the questions again.

  1. When will the new solicitors accounts regulations come into force?

  2. Which year were the previous regulations introduced?


  3. What will reporting accountants now have to do?

  4. How frequently should balancing statements for client account transactions be prepared?

  5. Who should a reporting accountant inform when they cease to act for a solicitor?


  6. Where a solicitor ceases to practise, when should a reporting accountant's closing report be filed?

  7. Which of the following statements is correct? Statement 1, investigations may now be carried out away from the solicitor's place of business. Statement 2, the Law Society cannot instruct another person to communicate with the reporting accountant.

  8. Which of the following is now a requirement?

  9. The Law Society must be provided with evidence of regulatory compliance relating to which of the following?

  10. Which of the following statements is correct? Statement 1, client accounts must not be used for borrowing between clients. Statement 2, client accounts can be used to hold funds other than for legal services.

1 Unit