SRA (Solicitors Regulation Authority) audits are mandatory for all law firms and individuals the SRA regulates. The audit is designed to ensure that firms and individuals comply with the regulatory requirements and that they operate within the rules set out by the organisation.

Not many understand that SRA audits are not the same as statutory accounts audits, which can be performed by auditors registered with a recognised body. Also, it is essential for law firms and solicitors holding client assets to have these accounts audited by a qualified external accountant.

The following information provides a complete guide to understanding this concept better.…