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Vol 24 No 2 Feb/March 2019

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Compliance Officer for Financial Administration: COFAs Toolkit

ISBN13: 9781907698477
Published: June 2012
Publisher: Law Society Publishing
Country of Publication: UK
Format: Paperback
Price: £59.95

In stock.

From October 2012, a requirement of the Legal Services Act 2007 means that every law firm is required to have an authorised Compliance Officer for Financial Administration (COFA).The COFA has a more focused role than a COLP and has two key responsibilities:

    to ensure compliance with the SRA's accounts rules to record all failures to comply and to report any such failures to the SRA as soon as is reasonably practicable.
This toolkit will include practical assistance to assist the COFA to implement and oversee systems for compliance in relation to the Accounts Rules and will include:

    payment authorisation forms draft undertakings reporting and monitoring forms development and training policy draft letters and reports.

Professional Conduct and Ethics
1. Introduction
2. Principal regulatory requirements of COFAs
3. Becoming a COFA
4. Responsibilities of the COFA
5. Reporting requirements
6. Further guidance.
Appendices (contained on CD-ROM): Overall compliance checklist for COFAs
Terms of appointment to the role of COFA
Temporary emergency notification letter to the SRA
SRA guidelines – accounting procedures and systems checklist
Guidance on matter file reviews
Matter file review template
Proforma templates for the recording of breaches internally
Template letter for reporting material breaches to the SRA
Common areas of breaches of the Accounts Rules
Internal policy for dealing with mixed payments
Framework for
monitoring, reviewing and managing risks of non-compliance
Examples of key general controls expected to be in place in law firms.

Series: Risk and Compliance Service

Anti-Money Laundering Toolkit 2nd ed ISBN 9781784460785
Published May 2018
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Compliance Officer for Legal Practice: COLPs Toolkit 2nd ed ISBN 9781784460457
Published September 2016
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Complaints Handling Toolkit ISBN 9781907698675
Published October 2014
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Equality and Diversity Toolkit ISBN 9781907698736
Published April 2013
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Anti-Bribery Toolkit
Amy BellAnti Bribery
ISBN 9781907698347
Published April 2012
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