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The Solicitors Regulation Authority is set to remove the mandatory requirement that firms must submit an annual accountant’s report.Instead, the regulator wants compliance officers to sign a declaration they are satisfied that the firm is managing client accounts in line with existing rules.The proposal is part of a wider programme of reforms aimed at removing unnecessary burdens in regulation and injecting flexibility into financial management.Every firm holding client money – around 9,000 in 2013 – has to have its client account audited annually, but there is a feeling that current requirements are unnecessarily costly to low-risk firms.‘It is our view that the cost to firms of engaging a reporting accountant, followed by the cost to the SRA in processing all annual accounts, can no longer be justified by the risks identified through this exercise,’ said the SRA’s consultation paper on the plans.‘The changes will enable the SRA to release resources and focus them on targeted regulation where we have concerns over a firm’s management of client money.’The SRA plans to keep the right to require an accountant’s report where necessary as part of enforcement activity.But the removal of a mandatory accountant’s report is expected to save each small firm around £800 a year and larger firms several thousand pounds.The SRA estimates that processing, storing and ultimately destroying accountants’ report costs the organisation up to £200,000 a year.But the regulator said it will continue to require firms to maintain ‘proper standards’ or compliance and management of client money.Its consultation added: ‘With the removal of the requirement to submit annual accountant reports, we consider that it is appropriate for the firm’s COFA to declare that the firm’s accounts are compliant with the SRA accounts rules with effect from the date of implementation of these proposals.’Peter Noyce, head of professional services at Menzies accountants, said the only potential negative of the plan is that, if the SRA has to resolve more client account problems, it may in time have to pass its costs on to lawyers through higher practising certificate charges.He said: ‘There is no doubt that self-regulation is the cheapest way to oversee protection of client funds, and the SRA’s consultation paper is simply a natural extension of its outcomes-focused regulation.‘However, there will be those who question the effectiveness of self-regulation over external regulation. The existing accountant’s report only provides an effective deterrent if you believe that (a) there are a lot of crooked lawyers stealing client funds and (b) that external auditors pick up on all irregularities.‘I would hazard a guess that this point of view is more commonly held in the accounting profession than the legal profession.’Responses must be submitted to the consultation by 18 June.
BRENDAN Taylor’s second century of the match was in vain as Mehidy Hasan spun Bangladesh to a 218-run win over Zimbabwe and a 1-1 series draw in Dhaka.Taylor made two hundreds in a Test for the second time in his career, but was left stranded on 106 when the tourists were dismissed for 224 on day five.Mehidy took 5-38 – his fifth five-wicket Test haul – as Zimbabwe lost their last five wickets for 38 runs, leaving Taylor unbeaten after scoring a defiant 106 to equal Andy Flower’s tally of 16 centuries for Zimbabwe.Peter Moor offered some support, but Mehidy ran through the tail to seal victory in the second session at the Shere Bangla National Stadium, where Mushfiqur Rahim was named Man-of-the-Match for his record 219 not out.Mustafizur Rahman got the breakthrough after Zimbabwe resumed on 76-2, cleaning up Sean Williams (13) in the ninth over of the day and Sikandar Raza (12) followed caught-and- bowled by Taijul Islam (2-93).Taylor and Moor combined for a 139-run stand in the first innings and frustrated the Tigers again, occupying the crease with patience to give Zimbabwe hope of clinging on for a draw.The excellent Taylor reached a 95-ball half-century before lunch, but Mehidy struck again after the interval, reducing Hamilton Masakadza’s side to 186-5 when Moor was caught at short leg by Imrul Kayes.Regis Chakabva was run-out attempting an ill-advised single and although Taylor reached three figures by taking a positive approach to Taijul, Mehidy took three quick wickets to secure victory, with Tendai Chatara unable to bat.BANGLADESH 1st innings 552-7 declared ZIMBABWE 1stt innings 304 BANGLADESH 2ND innings 234 for 6 declaredZIMBABWE 2nd innings o/n 76 for2Hamilton Masakadza c Mominul Haque b Mehedi Hasan 25Brian Chari lbw Taijul Islam 43Brendan Taylor not out 106Sean Williams b Mustafizur Rahman 13Sikandar Raza c & b Taijul Islam 12Peter Moor c Imrul Kayes b Mehedi Hasan 13Regis Chakabva run-out Mominul Haque 2Donald Tiripano c Liton Das b Mehedi Hasan 0Brandon Mavuta c Taijul Islam b Mehedi Hasan 0Kyle Jarvis c Khaled Ahmed b Mehedi Hasan 1Extras: (b-1, lb-3, w-5) 9Total: (all out, 83.1 overs) 224Fall of wickets: 1-68, 2-70, 3-99, 4-120, 5-186, 6-199, 7-201, 8-213, 9-224.Bowling: Mustafizur Rahman 10-2-19-1, Taijul Islam 37-5-93-2, Khaled Ahmed12-4-45-0 (w-1), Mehedi Hasan 18.1-5-38-5, Ariful Haque 3-1-7-0, Mahmudullah 1-0-1-0, Mominul Haque 2-0-17-0.
DEAL OF THE DAY ENDS IN Share $0.00 Report a problem This item is… Bestseller × Ads by Amazon Thank you! This will help us improve your ad experience. We will try not to show you such ads again. (1009) Report a problem This item is… × Inappropriate / Offensive Displayed poorly ENDS IN Inappropriate / Offensive Fox Sports Go Ads by Amazon Bestseller Thank you! This will help us improve your ad experience. We will try not to show you such ads again. Other DEAL OF THE DAY DEAL OF THE DAY DEAL OF THE DAY Report a problem This item is… Not relevant Inappropriate / Offensive Other Other ENDS IN Franklin Sports MLB Electronic Baseball … Add Comments (Max 320 characters) The League (8187) $0.00 × ENDS IN Add Comments (Max 320 characters) Report a problem This item is… Other Inappropriate / Offensive (33138) Thank you! This will help us improve your ad experience. We will try not to show you such ads again. Report a problem This item is… Inappropriate / Offensive Displayed poorly Thank you! This will help us improve your ad experience. We will try not to show you such ads again. Displayed poorly Displayed poorly × Shares Bestseller A Warrior’s Heart Not relevant Not relevant Thank you! This will help us improve your ad experience. We will try not to show you such ads again. Other Not relevant Bestseller Report a problem This item is… (22) Inappropriate / Offensive Inappropriate / Offensive Add Comments (Max 320 characters) DEAL OF THE DAY Shop Now DEAL OF THE DAY Report a problem This item is… DEAL OF THE DAY Displayed poorly Other (35539) Not relevant $26.86$49.99 LocalSportsJournal.comA seven-run seventh inning put some separation between the Clippers and the Galion Graders on Wednesday night, resulting in 13-3 victory for Muskegon.The Clippers are now 16-16 on the season and are tied for second place in the GLSCBL’s Northern Division with 10 scheduled games remaining.Muskegon will look to win the three-game set and split the season series against the Graders with a win on Thursday night. Game is scheduled to start at 7:05 p.m.The Clippers jumped out to a 2-0 lead after scoring a run in both the first and second inning.The Graders tied the game 2-2 with two runs in the second frame, then took a 3-2 lead with a tally in the third inning.Muskegon tied the score at 3-3 in the fourth inning then took a 4-3 advantage with a run in the sixth.The Clippers exploded with seven runs in the seventh to take an 11-3 lead, the closed out the scoring with a run in both the eighth and ninth frame.Austin Eifrid, Micah Allen, Shane Easter and Brian Martin each had two hits to lead the Clippers offensively. Micah Allen had four RBIs while Martin had two.Charles Heil pitched the win for Muskegon, allowing three runs on five hits in 7 2/3 innings while striking out five batters. × Add Comments (Max 320 characters) ENDS IN $3.99 Share Bestseller × $0.00 Displayed poorly Thank you! This will help us improve your ad experience. We will try not to show you such ads again. Add Comments (Max 320 characters) NBC Sports 0 Thank you! This will help us improve your ad experience. We will try not to show you such ads again. Other Not relevant Bestseller Inappropriate / Offensive Bestseller (1862) Displayed poorly FOX Sports: Stream live NFL, College Footbal… Mail ENDS IN Add Comments (Max 320 characters) ENDS IN Bestseller Not relevant (1461) Dude Perfect Signature Bow Nerf Sports Bi… DEAL OF THE DAY $15.29$17.99 (124) Not relevant $59.99 ENDS IN Report a problem This item is… Other Add Comments (Max 320 characters) × $14.99 Add Comments (Max 320 characters) × Displayed poorly Range: Why Generalists Triumph in a Special… Thank you! This will help us improve your ad experience. We will try not to show you such ads again.