How Outsourced Audit Support Can Streamline Your SRA Audit Process

Meeting client expectations while staying compliant is a constant balancing act for most UK audit practices, especially during the busy season.  Throw in a few SRA audits, and suddenly, your senior staff are buried in document requests, reconciliations, and COFA compliance checks — often for fixed-fee clients that leave little room for inefficiencies.

SRA audits are resource-heavy and time-sensitive, yet the margins rarely justify the internal cost. So, the question is: Are you making the most efficient use of your team?

Outsourcing SRA audit support could be the quiet win your practice needs. Not just to deliver audits on time but to maintain quality, manage cost, and free up your core team for higher-value work.

Let’s walk through what’s involved in the SRA audit process, how outsourcing fits in, and why it makes strategic sense for forward-thinking audit practices.

What is the SRA Audit Process?

The Solicitors Regulation Authority (SRA) requires firms holding client money to comply with the SRA Accounts Rules. These rules are designed to ensure proper handling of client funds, and every year, certain law firms must undergo an independent accountant’s report (commonly referred to as the “SRA audit”).

Here’s what SRA audit preparation typically involves:

• Reviewing the firm’s compliance with the SRA Accounts Rules
• Sampling and checking client account transactions
• Testing reconciliations
• Reviewing bank statements and ledgers
• Reporting any breaches or issues
• Submitting an accountant’s report to the SRA if needed

The scope is narrow but detailed. And while it doesn’t take a full team of auditors, it does require careful, consistent work — often during the busiest part of your audit calendar.

What Services are Typically Included in Outsourced SRA Audit Support?

An outsourced audit support team acts as an extension of your own practice. For SRA audits, this typically includes:

• Preparation of client audit files
• Document requests and initial data gathering from the solicitor’s office
• Client ledger and client account review
• Three-way reconciliations
• Sample testing of transactions
• Highlighting potential rule breaches for your review
• Drafting working papers for your sign-off

In short, they handle the heavy lifting so your team can focus on review, judgment, and reporting — not admin.

Is Outsourcing SRA Audit Support Cost-Effective?

Let’s put some numbers to it.

Say your internal staff cost (including overheads) comes in at £60/hour. If an SRA audit takes 12–15 hours of prep and testing time, you’re already looking at £720–£900 per job in delivery cost.

Outsourced support, on the other hand, often costs 30–50% less, with no holiday pay, hiring costs, or training overheads. That can quickly add up across multiple SRA audits.

More importantly, SRA audit outsourcing turns a time-intensive fixed-fee job into a scalable one. You protect your profit margin, your team’s bandwidth, and your client delivery standards all at once.

How Do I Choose the Right Provider for SRA Audit Support?

Not all outsourcing partners are created equal, especially when it comes to legal compliance audit services.

Here’s what to look for:

• Experience with UK SRA audits: Ask for case studies or references, ideally from UK firms with similar work.
• Qualified and trained staff: Your provider should offer teams trained in the SRA Accounts Rules, with strong audit documentation skills.
• Security and data handling: Your outsourcing partner should follow ISO 27001, GDPR compliance, and have secure FTP or portal systems in place.
• Turnaround time: Fast isn’t always better, but you want reliability — especially if you’re working to tight deadlines.
• Scalability and flexibility: Can they handle multiple jobs during peak periods? Can they adapt to your workflows? Assess their capabilities thoroughly before signing the deal.

This isn’t just about cost savings — it’s about quality, trust, and making life easier for your in-house team.

The Bottom Line

The demand for audit work is growing but so is the demand for speed, accuracy, and competitive pricing. The market is growing at a remarkable pace, reporting an increase of 1.9% in 2024 from 2023. At the same time, skilled audit professionals are getting harder to find and harder to retain.

Outsourcing audit support, especially for time-heavy areas like SRA audits, gives your firm an edge:

• It frees up your senior team
• It protects your margins
• It maintains (and often improves) quality
• It prepares your firm to scale without burning out your staff

Put simply, it’s smart practice management.

FAQs

1. Is outsourcing SRA audit support compliant with ICAEW standards?

Yes, as long as the final audit opinion and report are signed off by a registered auditor in your firm. The outsourced team supports the prep and testing but does not issue opinions.

2. Will I lose control of the audit process?

No, you remain in control. A good provider will work within your templates, systems and review processes — acting as an extension of your team, not a replacement.

3. What about client confidentiality?

Reputable providers like QX Accounting Services have strong data protection policies, NDAs, and secure portals. Look for providers certified in ISO 27001 and compliant with GDPR.

4. Can the same outsourced team support other audit work?

Yes. Many firms start with SRA audit assistance and expand into statutory audits, charity audits, and even audit documentation support.

5. What if I only have a few SRA audits a year?

That’s fine. Many outsourcing providers offer flexible support models — you can use them just for the SRA season without long-term commitments or you can expand into other audits later.

Final Thoughts

If you’re juggling tight deadlines, fixed-fee jobs, and a busy audit season, it’s worth asking: is my team’s time being used where it counts most?

Outsourced audit support isn’t about cutting corners; it’s about building capacity, protecting profits, and future-proofing your audit practice.

And when it comes to SRA audits, that extra support could be exactly what keeps your delivery sharp, your clients happy, and your team sane.

Need help with your SRA audit workload? Let’s talk. Submit the form below to get a callback from our expert or drop us an email at [email protected].