COFA Compliance Masterclass – Online Workshop

Jan 2025

Thu 16

10:00 am - 1:00 pm

Virtual Event
COFA Compliance Masterclass
Get Tickets Free – £145.00

Feb 2025

Thu 13

10:00 am - 1:00 pm

Virtual Event
COFA Compliance Masterclass
Get Tickets £145.00

Mar 2025

Thu 13

10:00 am - 1:00 pm

Virtual Event
COFA Compliance Masterclass
Get Tickets £145.00

As an Org Plus Plan subscriber, you have unlimited access to the On Demand training library of pre-recorded training videos. You can watch these as many times as you like at your own leisure. Questions can be posed to trainers during and after the video, with responses being provided within 2 working days. Ensure you’re logged into your account to access.

For non-subscribers and all other plan subscribers, access can be purchased separately.

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COFA Compliance Masterclass

Length: 3 Hours

Published November 26, 2022

Last Updated on May 4, 2023

Who is this training for?

This online 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 online 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

Further Information

SRA Accounts Rules

Accounts & Finance Practice Notes

Compli-Q – Compliance FAQs

Blogs

Forum

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 Online?

All ALCA online training is delivered live, interactive and is recorded. We bridge the gap between ‘face-to-face’ and online training by applying a blended approach. Questions can be posed to trainers throughout the workshops with quizzes/polls being used to engage with attendees.

Workshops can be continuously replayed for 60 days after broadcast.

Benefits?

Reduced cost
Can be taken anywhere on any device – no travel time or cost
Shorter and more efficient than face-to-face
Live and interactive
Recorded and can be replayed at your leisure

Depending on your subscription and the length of the workshop, the pricing is as follows:

Plan	Online (1 hour)	Online (2 hours)	Online (3 hours)	On Demand	e-Learning
Non-Subscriber	£95.00	£120.00	£145.00	No Access	No Access
Org	£45.00	£90.00	£120.00	No Access	No Access
Org Plus	£0.00	£0.00	£0.00	£0.00	£0.00

Our online workshops are delivered via Zoom. You can access the session via your computer, tablet or mobile device.

Details on how to join the online session will be provided the day before the training goes live.

We recommend you run a system test and check your internet speed by clicking HERE.

If your firm prevents you from using Zoom, please contact us.

There is no requirement to attend live but we advise that you do where you can as this will be the best experience for you. Don’t forget, you can pose questions live to the trainer and join in with the interaction when you attend live. Also, be mindful that you have access to the recording for 30 days, after which, it will no longer be available.

Not at all. We prefer it if candidates do as it makes the training more engaging but it is not mandatory to turn your camera or microphone on during the training session.

If you don’t have a microphone, you can still pose questions using the chat facility.

COFA Compliance Masterclass – Online Workshop

Results

#3. 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?

#4. You have instructed an interpreter in order for your client to be able to communicate with you or to enable your client to understand Court proceedings. The cost of the interpreter is being passed on to the client. When billed, the cost is:

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

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

#9. If client money is legitimately retained for a specified reason, are you required to regularly update the client?

#10. You have paid a disbursement from the business account and now have sufficient money held in the client account towards it.Are you required to send the client a bill or other written notification of costs prior to transferring the money from the client account to the business account?

#12. A cash flow forecast is?

#13. A cyber-attack cannot be reported by the COFA as it is not mentioned in the SRA Accounts Rules and is unlikely to result in a serious breach under the SRA Accounts Rules?

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

#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?

#16. How is the 'Current Ratio' (which is sometimes also called Working Capital Ratio) calculated?

#17. 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?

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

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

#21. The COFA is solely responsible for monitoring and controlling financial stability.

#22. A bill of costs must be signed by a partner/director or member?

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

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

#25. You instruct a medical reporting agency to obtain copy-medical 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?

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

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

#31. 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?

#32. Every law firm, regardless of the type of work they do, must have their complaints handing information on their website or in another format if they don’t have a website.

#33. Transparency Rule 4.1 covers the digital badge (sometimes called the clickable logo) which shows any website visitors that your firm is regulated and it gives them a link to the protection that provides. How will a website visitor know if the logo on your website is valid?

#34. Rule 1.5 of the Transparency Rules states that certain costs information must be included in the information on the website. Which one of the following does not have to be included in that information?

#36. 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?

COFA Compliance Masterclass

Who is this training for?

Purpose of this training?

Further Information

Frequently Asked Questions

Why Online?

Why Online?

Benefits?

How much does an online workshop cost?

How do I access the online workshop?

Do I need to attend live or can I just watch the recording?

I don’t have a camera or microphone on my computer – does this matter?

Recent Compli-Forum Topics

Recent Blogs

#10. You have paid a disbursement from the business account and now have sufficient money held in the client account towards it.

Are you required to send the client a bill or other written notification of costs prior to transferring the money from the client account to the business account?

#25. You instruct a medical reporting agency to obtain copy-medical 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?