Solicitors Accounts Law Society

Shergar81

Folks,

Does anybody know whether an accountant in practice can sign off the accountants report for a solicitors law society annual report without being a registered auditor.

Like if one had a practising cert , was member of a accountancy body, and sufficient liability insurance, does this meet the requirement of a "reporting accountant" to sign these solictors accounts report on client balances etc

or is there a specific requirement for the reporting accountant to hold an audit registration licence in addition?

i cannot find any definite guidance on this anywhere, was wondering if anybody had any views etc

dbran

No

A solicitors accounts must be signed off by a registered auditor and not just an accountant with a practicing cert

dbran.

dbran

http://www.irishstatutebook.ie/2001/en/si/0421.html

(4) A “reporting accountant” (which shall where the context so admits or requires include a firm of accountants), for the purposes of these Regulations, shall mean a person -

(a) who is a member in practice of any one or more of the following bodies, namely -

(A) The Institute of Chartered Accountants in Ireland,

(B) The Institute of Chartered Accountants in England and Wales,

(C) The Institute of Chartered Accountants in Scotland,

(D) The Association of Chartered Certified Accountants,

(E) The Institute of Certified Public Accountants in Ireland,

(F) The Institute of Incorporated Public Accountants; or

who is approved in advance by the Society as having adequate professional experience and competence in the auditing of accounts; and

(b) is not and never has been a partner, consultant, clerk or servant of the solicitor concerned; and

(c) is maintaining such minimum level of professional indemnity insurance cover as the Society may appropriately and reasonably direct from time to time in order to provide for indemnity against losses arising from claims incurred (inter alia) in connection with his or her professional practice as a reporting accountant.

Bobby1984

Apologies if I am missing something here but I do not see where it says you must be an auditor.

If you are a member of one of the accountancy bodies mentioned then I see nothing to stop you from acting as a reporting accountant.

dbran

Hi Bobby

Reading it again it does seem to say that there is no requirement to hold a auditing cert.

This is something that I would think extraordinary as they are one of the most high risk audits that you can do.

dbran

Bobby1984

Totally agree that they are high risk but there is no need to be a registered auditor or even a member of an accountancy body.

In fact, any Joe Soap with no qualifications can be a reporting accountant for a solicitor due to the line which you have in bold. However, they do need experience and need to be competent and have gotten authorisation from the Law Society. Strange but true!!