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COFAs Toolkit

COFAs Toolkit The Law Society's Risk and Compliance Service

Name: COFAs Toolkit
Brand: Law Society Publishing
SKU: 9781907698477
Price: 756.60 HKD
Availability: OutOfStock
Author: Jeremy Black
ISBN: 9781907698477

By Jeremy Black

Law Society Publishing June 2012

Specifications

ISBN-13: 9781907698477
Publisher: Law Society Publishing
Publication: June 2012
Format: Paperback + CD-ROM , 96 pages
Jurisdiction: U.K. ? Countri(es) for reference only

Details

As instructed by the Legal Services Act 2007, by January 2013 every firm will have to appoint a 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 overseesystems 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.

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 forCOFAs;
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;
Proformatemplates 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 formonitoring, reviewing and managing risks of non-compliance;
Examples of key general controls expected to be in placein law firms.