The Solicitors Regulation Authority (SRA) has launched a second consultation on accountants’ reports, having already made changes to accountants’ reports as part of its Regulatory Reform programme. Firms now only have to deliver a report to the SRA if it is qualified, while firms that receive 100% of their fees from legal aid work do not need to obtain a report at all.
The current phase of consultation looks at redefining the circumstances in which accountants’ reports are qualified, and at changes to the format of the reports. It also considers whether more types of firm could be exempted from the requirement to deliver a report.
The deadline for submission of responses to the consultation is 28 January 2015.