Solicitors' Accounts Rules (ICAS)

Overview

A reminder of the key matters to consider in achieving compliance with Rule B6, Accounts and Accounts Certificates of The Law Society of Scotland Practice Rules 2011.

Who is this for?

This course will be of use to you if have some experience in this area of regulation and are looking for an update in terms of the Rules and their application plus the opportunity to share experiences in this area of work.

It is relevant for those in practice assisting clients achieve compliance, those in an accounts or cashiers team, accountants working with providers of legal services or anyone wishing revision in the key points in this essential area of compliance.

What you will learn

• Experience of compliance with the main provisions and concepts of the Rule B6:
  • Accounts, Accounts Certificate, Professional Practice and Guarantee Fund
  • Guidance related to B6
• Overview of the Rules which are most often breached
• Rectifying breaches
• How to avoid common pitfalls and traps in achieving acceptable levels of financial compliance
• Recognise different kinds of money handled by legal service providers
• Experience and importance of the need to deal with residual client ledger balances
• The importance of the role of the Cash Room Partner and the assistance provided
• Achieve acceptable levels of financial compliance
• Experience of Law Society visits and dealing with matters identified
• The role of an accountant or audit firm in reviewing compliance with the Rules and reporting to the legal firm, including agreement of the terms of the engagement and reporting
• Sharing of experiences and discussion