Recently taken on the role of COLP or COFA for your firm? If so you’re probably already busy working with your firm to ensure the numerous regulatory obligations are met.
Integrating these roles and responsibilities effectively within the firm and striving to assert authority to ensure compliance is taken seriously is proving a mammoth task for those new to the roles. However, help is at hand.
Managing Partner’s COLP and COFA: Compliance in Practice, second edition will be published in just 2 weeks!
Packed with new and up-to-date case studies, examples, and advice, this critical guide offers practical support to help you meet the SRA requirements and use your position to maximum benefit.
Fully updated, the second edition takes into account version 7 of the Handbook and includes practical examples and advice on:
- The responsibilities of the COLP and COFA;
- What a compliance plan should contain;
- What taking all ‘reasonable steps’ to ensure compliance means;
- Reporting non-compliance and what ‘material’ non-compliance might include;
- The relationship between the SRA and the COLP and COFA; and,
- The most recent SRA guidance for COLPs and COFAs and advice on interpreting the guidance in everyday practice.
New and up-to-date case studies and expert commentary are included, for example on:
- The challenges currently being faced by COLPs and COFAs in practice;
- The early experiences of a COLP in an ABS – David Hartley, Abbey Protection Group Limited;
- The reporting accountant’s perspective on the role of the COFA – Rowan Williams, Head of Baker Tilly Tax and Accounting Professional Practice Team;
- The similarities to the MLRO role; and,
- The nuts and bolts of compliance.
Practical worked examples of issues to consider with regard to materiality of breaches are included, along with a sample risk register identifying issues, potential risks, and suggested solutions.
You’ll also find new real-life scenarios from a large international firm highlighting the compliance issues they have faced and how they have successfully dealt with them.
Ensure you are better placed to achieve a low risk rating for your firm and avoid falling under the scrutiny of the SRA’s new supervision regime.
Chapter 1: The requirement to have a COLP and COFA
Chapter 2: Appointing the COLP and COFA
Chapter 3: Working with the regulator
Chapter 4: Risk and how this might be managed
Chapter 5: An introduction to the COLP’s responsibilities
Chapter 6: The SRA Code of Conduct 2011 – Issues for the COLP
Chapter 7: Achieving Outcomes – How should this be monitored?
Chapter 8: Identifying, recording, and reporting non-compliance
Chapter 9: An introduction to the COFA’s responsibilities
Chapter 10: The importance of an in-depth knowledge of the SRA Accounts Rules 2011
Chapter 11: Implementing suitable systems and procedures
Chapter 12: Outcomes-focused flexibility in the SRA Accounts Rules 2011
Chapter 13: Identifying, recording, and reporting non-compliance with the Accounts Rules
Chapter 14: The COFA’s wider relationships and responsibilities
Chapter 15: Personal considerations for the COLP and COFACheck our Executive Summary and full table of contents here