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When should a report be qualified?

SRA directions on common breaches of the Accounts Rules have been sparse at best, so solicitors and reporting accountants will welcome new guidance, says Simon Sheppard

9 February 2016

A long-time potential incendiary point between solicitors and reporting accountants is whether a report should be qualified.

Sometimes, worrying about the implications of receiving a qualified report for professional indemnity insurance premiums or wanting to preserve a previously untarnished history, solicitors have feared a qualified report like the plague.

The conscientious reporting accountant, on the other hand, feeling the need to be independent, may doggedly insist that a report should be qualified on a certain point. The issue has always been a difference of opinion.

SRA guidance

Progress has been made in recent years, with the Solicitors Regulation Authority (SRA) providing guidance on the areas that should be considered when assessing the triviality of a breach. Before the previous version of the Accounts Rules, it was sugge...

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