04/2020 - UK - Coronavirus checklists, Solicitors Account Rules 10.0, New Templates (International Audit, Clubs)

Updates

Monthlies and Quarterlies

Release of Coronavirus (Covid-19) Resources

The coronavirus has caused significant disruptions to the wider business community and our everyday lives. There is a significant amount of information available that is changing daily on how best to manage the situation.

To assist accounting practices with advising their clients on the various measures that should be considered, we have created a section within our Periodic files (Monthly and Quarterly) templates to aid in understanding some of the measures that are available to ensure you can have a record of working through these options with your clients.

When you create a Periodic File there is now a folder entitled "CV - Coronavirus (Covid-19) Resources" where you will find the following file:

• CV19 - Coronavirus client guidance checklist: A general checklist to assist your clients with some of the consideration and issues that may be relevant to the continuity of the business. It is designed to summarise the various measures currently in place, and who is eligible.

Example documents have also been created which you will be able to find in the “Example documents” section of our application.

Please be aware that this information is constantly changing and you should always refer to the government site before providing any advice.

Solicitors Account Rules 10.0

We are pleased to issue update 10.0 (dated 02/20) to your Solicitors’ Accounts Rules Specialist Assignment Manual (SAM).  This update is primarily in response to the new SRA Accounts Rules and Ethics Guidance which are effective from 25 November 2019.

The detailed and prescriptive 2011 SRA Accounts Rules have been replaced by simpler, principles-based rules which give law firms the flexibility to operate systems to safeguard client money that are appropriate to the nature and volumes of client transactions dealt with and the amount of client money held or received.

The SRA has produced guidance to support law firms when applying the rules as well as guidance for reporting accountants on planning and completing the annual Accountant’s Report and it is essential that you familiarise yourself with this – these are available on the SRA’s website.

New Templates

We are excited to announce the release of two new Mercia templates:

• International 1.1
• Clubs 13.0

These will be made available to customers over the course of the next week (Week beginning 06/04/2020)

The contents for these are as follows:

International 1.1

Our Audit Manual (International) Package provides you with all the current and permanent file programmes needed to undertake both a single entity audit and a group audit.

The package also includes:

• a separate Audit Procedures Manual containing supporting audit methodology and guidance, as well as guidance on audit regulation and quality control, including fit and proper and independence forms and an audit compliance review; and
• Online training to support how to use the manual and its methodology. This training compromises 7 modules.

Clubs 13.0

Clubs Specialist Assignment Manual provides you with the current and permanent file programmes needed to undertake an audit, reporting accountant or totally exempt assignment for a club.

The manual also includes:

• accounts disclosure checklists and pro-forma accounts in accordance with Financial Conduct Authority disclosure requirements, the Co-operative and Community Benefit Societies Act 2014 and the Friendly Societies Act 1974.
• guidance notes that summarise the current legal accounting, auditing and reporting requirements for clubs.