All Authorised Entities need to submit either
- an annual Accountant’s Report if they hold client money, or
- an Accounts Certificate, if they do not hold client money.
The Accountant’s Report or Accounts Certificate must cover a period of no more than 12 months and there must not be any gaps in the reporting periods.
An Accountant’s Report covers an examination of your accounts records to ensure compliance with the requirements of the CILEx Accounts Rules in respect of the management of client money. It is a key part of managing the risk for a legal practice because:
Consumers have confidence that money is looked after
Insurers gain an external check to prevent risk of fraud
You and your team know you are managing client money correctly
Who can provide an Accountant’s Report?
An accountant who is a member of an accountancy body incorporated by Royal Charter or the Association of Authorised Public Accountants, or a registered auditor, as defined in the CILEx Accounts Rules.
The requirements for an Accountant’s Report or an Accounts Certificate are covered in sections 10–16 of the CILEx Accounts Rules.