This subtopic sets out the requirements of the SRA Accounts Rules 2019, in force from 25 November 2019, regarding the obligation to obtain and deliver an accountant’s report. It also reflects supporting guidance issued by the SRA:
Accountant’s report and the exemption to obtain one
Planning for and completing an accountant’s report
Most firms are required to obtain an accountant’s report but few firms are required to deliver that report to the SRA.
Your firm’s managers are jointly and severally responsible for compliance.
The firm’s compliance officer for finance and administration (COFA) must take all reasonable steps to ensure the firm, its managers and employees comply with any obligations imposed upon them under the SRA Accounts Rules.
However, the COFA is not jointly and severally liable with the firm’s managers for compliance. Of course, if the COFA is one of the firm’s managers, they will be jointly and severally responsible for compliance with the firm’s other managers.
You must obtain an accountant’s report if you have, at any time during an accounting period:
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