SQE Solicitors Accounts
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The SQE Solicitors Accounts assessment evaluates a your ability to apply the core principles of double-entry bookkeeping and the Solicitors Regulation Authority (SRA) Accounts Rules. You must demonstrate your knowledge in managing client money, maintaining accurate financial records, and adhering to regulatory obligations, all at the level expected of a newly qualified solicitor.
You must show an understanding of the distinction between client money and the firm's own money (money belonging to the authorised body). Client money must be handled with care, kept separate from the firm's funds, and only used for the purposes specified by the client. Knowledge of the rules for holding and managing client money in dedicated client accounts is essential.
The assessment requires you to demonstrate how to operate both client and office ledgers in line with the double-entry bookkeeping system. You must be able to record transactions accurately and manage bank accounts appropriately, including ensuring that interest is paid to clients on their money when required by the SRA Accounts Rules. This ensures proper financial management and compliance with ethical standards.
You must identify and understand the consequences of breaches of the SRA Accounts Rules. Whether intentional or inadvertent, such breaches can lead to serious repercussions for a solicitor or firm. You are tested on how to handle breaches, including taking corrective action and reporting to the appropriate authorities when necessary.
A key part of the assessment is the ability to manage accounting entries related to bills issued to clients. You must demonstrate how to record payments and receipts correctly, ensuring that the firm's records are accurate and up to date. This also involves understanding the requirements for record-keeping, including the preparation and delivery of accountants' reports and meeting obligations for storing and maintaining financial records.
Throughout the assessment, you must act in accordance with the Statement of Solicitor Competence, the SRA Principles, and the Code of Conduct, demonstrating honesty, integrity, and professionalism in handling financial matters.
The assessment may involve scenarios requiring you to integrate your knowledge across multiple areas. This ensures that you can manage financial transactions and compliance in a way that protects clients' interests and meets regulatory standards.
You must show an understanding of the distinction between client money and the firm's own money (money belonging to the authorised body). Client money must be handled with care, kept separate from the firm's funds, and only used for the purposes specified by the client. Knowledge of the rules for holding and managing client money in dedicated client accounts is essential.
The assessment requires you to demonstrate how to operate both client and office ledgers in line with the double-entry bookkeeping system. You must be able to record transactions accurately and manage bank accounts appropriately, including ensuring that interest is paid to clients on their money when required by the SRA Accounts Rules. This ensures proper financial management and compliance with ethical standards.
You must identify and understand the consequences of breaches of the SRA Accounts Rules. Whether intentional or inadvertent, such breaches can lead to serious repercussions for a solicitor or firm. You are tested on how to handle breaches, including taking corrective action and reporting to the appropriate authorities when necessary.
A key part of the assessment is the ability to manage accounting entries related to bills issued to clients. You must demonstrate how to record payments and receipts correctly, ensuring that the firm's records are accurate and up to date. This also involves understanding the requirements for record-keeping, including the preparation and delivery of accountants' reports and meeting obligations for storing and maintaining financial records.
Throughout the assessment, you must act in accordance with the Statement of Solicitor Competence, the SRA Principles, and the Code of Conduct, demonstrating honesty, integrity, and professionalism in handling financial matters.
The assessment may involve scenarios requiring you to integrate your knowledge across multiple areas. This ensures that you can manage financial transactions and compliance in a way that protects clients' interests and meets regulatory standards.
