We have been assessing the responsibilities of the COFA role and researching the impact this will have on legal service providers. We intend to address and advise the legal community of the challenges, criteria and implementation and the on-going challenges of COFA.
As leaders of finance and management we have been in regular discussions with members, advisors, professional and regulatory bodies to develop the most relevant training and qualifications to support the role.
The programme will include a workshop which will outline the role of the COFA, who can perform the role –v- who should be the COFA, reporting and potential conflicts. We will also cover the new SRA Accounts Rules and systems to have in place to monitor and review compliance.
Two half day workshops dedicated to the compliance role of COFA. Available as a whole day or attendees can choose to attend either one of the half day sessions. Whether you are being appointed as a COFA, a member of an accounts team or supporting the COFA in their role you will find these workshops valuable.
The first session covers the role and duties of the COFA, implementing systems to enable you to monitor and identify breaches, dealing with your regulator, reporting, behaviour compliance and training.
The second session covers the 2011 SRA Accounts Rules changes, interactive sessions with practical examples of what to look for to ensure you are compliant and reviewing systems and controls to ensure they are operating effectively
Part One (Morning Session)
- Introduction of the COFA
- What is the Role
- Systems, procedures and reporting to monitor and identify breaches whilst overseeing compliance
- Breaches (firm vs. COFA responsibilities), dealing with your regulator and Accountants Report
- Development and training of staff
- Behaviour compliance and internal communication
Part Two (Afternoon Session)
- 2011 SRA Accounts Rule changes
- Interactive sessions with practical examples and scenarios showing what to look for, common oversights and potential pitfalls
- Reviewing your accounting system and controls to highlight any limitations and improvements needed
Useful as a refresher for COFA’s or those supporting the COFA, this half day course takes a practical look at some of the issues faced by COFA’s on a daily basis, including materiality testing and what to consider when categorising breaches.
Topics covered include:
- General update on the role
- Practical examples
- Case studies
- Materiality testing
To Book your place on a COFA training please click here.
We have also put together several documents which we feel members will find useful. There is a fact sheet specifically dealing with the role of COFA. As part of the role, the COFA is required to record any failure to comply with the Accounts Rules, to assist we have compiled a Compliance register and accompanying slip. The slip would be used for recording each breach and then a brief outline of the breach should be added to the register. The register should be reviewed on a regular basis to highlight any common failures. Where possible steps should be introduced to avoid these breaches happening in the future.