Following a furore over plans to water down the rules for accountants' reports on law firms' financial accounts and safeguards for client monies, the Solicitors Regulation Authority (SRA) has launched a second consultation on accountants' reports. This second consultation looks at redefining the circumstances in which accountants' reports are qualified and amendments to the format of the reports. It also considers which areas pose a low risk to clients' funds and could be excluded from future reporting requirements.
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