The SRA Handbook is no longer in effect. It was replaced by the SRA Standards and Regulations on 25 November 2019.
SRA Handbook
Other obligations
Back to version 21Version 1 of the Handbook was published on 16/09/2011. For more information, please click 'History' Above
Part 7: Other obligations
Rule 20: Accountants' reports
- 20.1
-
Any accountant's report which a solicitor, REL or RFL who is a principal in a practice or a recognised body or a licensed body is required to deliver to the Society under section 34 of the SA or paragraph 8 of Schedule 14 to the Courts and Legal Services Act 1990 or under section 83(5)(h) of and paragraph 20 of Schedule 11 to the LSA containing such information as is prescribed by rule 35 of the Solicitors' Accounts Rules 1998 (as amended from time to time), or any rules (including, without limitation, the SRA Accounts Rules) which replace the Solicitors' Accounts Rules 1998 in whole or in part, must contain a statement certifying (if it is the case) for the whole period covered by the report (excluding any part of that period falling before 1 September 2000) either that the firm has one or more certificates of qualifying insurance outside the ARP or that the firm has been issued with one or more policies by the ARP manager.
Commentary:
Firms are required to provide evidence to their accountants that a policy of qualifying insurance is in place. Each qualifying insurer is required under the qualifying insurer's agreement to provide a certificate of qualifying insurance to each firm within 20 working days of the start of the period covered by the policy. Producing the relevant certificate(s) to the reporting accountant will satisfy the requirement of this Rule.