The Compliance Conundrum Quiz is a compliance quiz consisting of 50 randomly generated questions that are populated automatically, each day. There is a time limit of 1 hour and the quiz will automatically finalise and submit when the time runs out.
Start Quiz
Results
Impressive. VERY impressive. Take a bow. You can’t improve on perfection, or can you? Refresh the page to get another 50 random questions and let’s see if you can do it again.
Unfortunately, you’ve not passed. Don’t beat yourself up – this was a beast of a quiz. However, you might want to consider booking on to some training to further your knowledge.
Next
#1. 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?
Next
#2. You instruct a third party contractor to represent your client at a police station who has been arrested. The third party issues you with an invoice addressed to your firm with no VAT as they are not VAT registered. You pass this cost on to your client. How should you show it and treat it on your bill/invoice?
Next
#3. A fee earner has issued a VAT invoice to a client and sent it via email. They have also sent a physical copy in the post.
Is this permissible?
Next
#4. You're acting for a client in respect of their divorce. The client is a US Forces personnel living in England on a three year term of duty. The client has a permanent address in the US.
Are your services subject to output VAT?
Next
#5. The three principle money laundering offences are found in the Proceeds of Crime Act 2002 (POCA). In which sections can we find these offences:
Next
#6. 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?
Next
#7. If client money is legitimately retained for a specified reason, are you required to regularly update the client?
Next
#8. What is the name given to the ledger layout commonly used within legal practice?
Next
#9. Is it permissible to issue the client with a bill of costs for an unpaid, not yet incurred, court fee?
Next
#10. You operate various client's own accounts. SRA Accounts Rule 10 appears to require you to carry out a bank reconciliation for these accounts.
Are you required to prepare a three way bank reconciliation every 5 weeks if you can't obtain bank statements from the bank or building society?
Next
#11. What is the definition of disbursement within the SRA Glossary?
Next
#12. 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?
Next
#13. What does MLRO stand for?
Next
#14. The bank has charged you for sending funds electronically. It is agreed with the client that the cost charged by the bank will be passed on to the client. You are NOT charging the client an administration fee for sending the payment.
How should this cost be shown on the bill to the client?
Next
#15. 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?
Next
#16. You've pursued a bad debt through the court. The court has awarded you costs and interest. Do you:
Next
#17. Which of the following is the best description for relationship conflict?
Next
#18. Section 18 of the Legal Sector Affinity Group (LSAG) guidance covers red flags and warning signs for us to look out for regarding AML and CTF. If we have red flags and warning signs come up we are not allowed to take on the client:
Next
#19. According to Google’s Aristotle project, which characteristic of a strong team is the most important:
Next
#20. A "qualified" accountant's report means:
Next
#21. You pay the firm's practising certificates from the business account.
When posting the transaction, What VAT rate should you select when posting the payment to the accounting system?
Next
#22. Normal VAT Tax Point (time of supply) rules apply to Legal Aid work?
Next
#23. 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?
Next
#24. Which of the following actions is an example of good leadership?
Next
#25. If a business expects to spend more than it earns, it becomes known as what?
Next
#26. If a team member makes a mistake you should:
Next
#27. Your firm deals with estate matters and you incur and pay for probate court fees. You also pay for additional copies of the grant of probate. These copies are often sent out to third parties in order to speed up process. You pass the cost of the additional copies on to the estate.
How should you show them and treat them on your bill/invoice?
Next
#28. The cost of any time taken in trying to return a residual balance to the client can be deducted from the balance held?
Next
#29. The MLRO will receive internal suspicious activity reports and then make their report, if necessary, to:
Next
#30. 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?
Next
#31. Your firm acted for a client in the sale of commercial premises. The transaction has been completed and the firm are in the process of accounting to the client for the net proceeds of sale. Independently of this retainer, the client’s son has instructed another solicitor in your firm to act for him in buying a flat.
The father has asked your firm to retain enough money to cover his son’s legal fees and to send the balance to him. Your firm is concerned that by transferring the money to the son you may be in breach of rule 3.3.
Is this providing banking facilities?
Next
#32. Your firm is acting for a client and has instructed a process server to serve legal documents to a third party.
When including the cost of the process server in your bill of costs, you treat it as a:
Next
#33. When does the Accountants Report (AR1) need to be sent to the SRA?
Next
#34. A 'Statement of Costs On Account' bill is:
Next
#35. On the day of an SRA AML visit the SRA will look at selected matters. How many files will they ask to review?
Next
#36. You've been instructed by a parent company to act for a subsidiary. The parent company belongs in the UK. The subsidiary belongs in France. You need to issue a VAT invoice for £10,000. Who do you address your VAT invoice to and what VAT rate do you apply?
Next
#37. Team members should be provided with feedback:
Next
#38. Emotional Intelligence means:
Next
#39. You've taken a debit card payment from a client for money on account of search fees. The card used is for a personal bank account. A partner of your firm would like to recharge the costs incurred in taking the card payment on to the client.
Is it permissible to pass the costs of taking the card payment on to the client?
Next
#40. 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?
Next
#41. Which one of of the following statements is correct?
Next
#42. 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?
Next
#43. Your firm prepare a lot of wills and fixed fee interviews as one-off transactions for clients. However, instead of opening an individual client ledger for each client, you have a general ledger on which you record the details of each client and the costs received.
Is this a breach of the SRA Accounts Rules?
Next
#44. The main purpose of delegation is to:
Next
#45. Withdrawals from the client bank account are recorded to the client cash book as:
Next
#46. Most law firms now use electronic ID and verification tools as part of their client onboarding. These tools are there to help you:
Next
#47. The SRA Accounts Rules require a business/office account to be reconciled?
Next
#48. Which of the following is not an element of Emotional Intelligence
Next
#49. Who sets out the key objectives that all regulators must achieve?
Next
#50. A cash flow forecast is?
Finish