On Demand Workshop – COFA Compliance Masterclass

On Demand COFA Play Image

COFA Compliance Masterclass

Speaker: Darren Whelan

Length: 2.5 Hours

Published November 26, 2022

Last Updated on May 1, 2023


Who is this training for?

This on demand workshop is for Solicitors, Lawyers, Accountants, Compliance Officers, COFA’s, Legal Accounts Professionals and anyone that has any involvement in working in legal finance and compliance.

Purpose of this training?

Since January 2013, the Compliance Officer for Finance and Administration (COFA) has had significant responsibility for ensuring firm’s meet their regulatory obligations and compliance with the SRA Accounts Rules and that any breaches of the SRA Accounts Rules are documented and reported back to the SRA. In addition to the COFA’s role in relation to the SRA Accounts Rules, the COFA has a duty under the SRA Code of Conduct for Firms to report to the SRA when the practice is in serious financial difficulties. The role of the COFA comes with personal liability.

This on demand workshop will cover the regulatory obligations of the firm, individuals within the firm and the key role of the COFA.

 

  • The background and role of the COFA
  • The SRA Standards and Regulations
  • COFA responsibilities, record keeping and reporting concerns
  • Codes of Conduct – for firms and individuals
  • Business Management – Compliance and Business systems
  • Assessing risk
  • SRA Accounts Rules
  • Cooperation and accountability
 
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Results

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QUIZZES

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EVENTS

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#1. Is it permissible to issue the client with a bill of costs for an unpaid, not yet incurred, disbursement?

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#2. The COFA must report all breaches to the SRA.

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#3. A solicitor from ABC Law is acting for a farmer who is granting Company X with rights to put a wind farm on his land. The solicitor is advising on the contract/lease outlining the rights of the wind farm on the farmers’ land.

After the contract is completed ABC Law receive rental payments into client account each quarter.

Is this providing banking facilities?

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#4. When does the Accountants Report (AR1) need to be sent to the SRA?

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#5. When a client needs to make a complaint about your firm, they must follow the firm’s complaints procedures. If they are not happy with the way the complaint has been dealt with, they will then take it further by going to the Legal Ombudsman (LeO). They must make their complaint to LeO within which time scale after the firm’s final response to them?

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#6. The client bank reconciliation must be signed by:

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#7. Which of the following is responsible for compliance with the SRA Accounts Rules?

Select all that apply:

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#8. Your firm is instructed by the landlord of a new development of commercial properties to prepare the lease agreements. You’re also instructed to receive, and hold in client account, the rental deposits that are paid by the tenants. These will be held until the lease comes to an end and any conditions, e.g. dilapidations, are met.

Is this a breach of the SRA Accounts Rules?

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#9. Money received from the Legal Aid Agency on account of disbursements that are not yet incurred or paid is?

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#10. Which 2 options below are most likely to be reasons for deciding if a breach is serious?

Select all that apply:

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#11. When dealing with residual balances that are £500 or less that are to be paid to a charity, your firm posts a journal from the business side of the client’s ledger and credits a nominal ledger in the name of the charity. You then transfer the residual balance from the client account to the business account.

Once a month, the payment to the charity is made from the charity nominal ledger. Is this permissible under the SRA Accounts Rules?

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#12. Is it permissible to pass on the costs of conducting client due diligence as a disbursement under the AML under the money laundering regulations on to my client?

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#13. The SRA has stated that it will take a more robust approach towards fines for persistent offenders in regard to the Transparency Rules. What is the maximum amount the SRA can fine a law firm?

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#14. The Transparency Rules 2018 form part of the SRA Standards and Regulations 2019 although they were released nearly a year before the Standards and Regulations. Why was this?

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#15. Your firm operates under the VAT Cash Accounting Scheme. Which of the following are excluded from the scheme and must be accounted for under the VAT Standard Accounting Scheme?

Select all that apply:

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#16. The Transparency Rules require all regulated firms, and individual freelance solicitors who publish as part of their usual business that they offer certain services, to publish information on the prices that they charge. Rule 1.3 list the services where you are required to publish the information. Which one of the following is not on the list?

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#17. The cost of any time taken in trying to return a residual balance to the client can be deducted from the balance held?

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#18. The SRA Accounts Rules require a business/office account to be reconciled?

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#19. You instruct a medical reporting agency to obtain copy-medico legal documents on behalf of a client that has been involved in a road traffic accident.

Is this cost a disbursement for VAT purposes or a recharge?

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#20. The Legal Omsbudsman has the power to award compensation when a client wins their case. What is the highest figure the Legal Ombudsman can award?

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Finish

Practice notes and training sessions represent the Association of Legal Compliance & Accounts’ view of good practice in a particular area. They are not intended to be the only standard of good practice that firms can follow.

Practice notes and training sessions are not legal advice, and do not necessarily provide a defence to complaints of misconduct or poor service. While we have taken care to ensure that they are accurate, up to date and useful, we will not accept any legal liability in relation to them.

Frequently Asked Questions

Why On Demand

It’s really simple:

  • Reduced cost
  • Can be watched anywhere, anytime on any device – no travel time or cost
  • Shorter and more efficient than face-to-face
  • Recorded and can be replayed at your leisure

Online – the Cons

On Demand is not for everyone one. People learn differently and watching a pre-recorded training video can feel very lonely and isolated. It requires strong, self-motivation and time management skills. There is no opportunity to ask a question and receive an answer straight away as you would with an online or a face-to-face workshop.

You can pose your question HERE or pose the question via the LiveChat widget.

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