Financial Controls Assessment for Law Firms
Can You Rely on Your Numbers?
Accurate financial information is the foundation of sound decision-making.
Yet many law firms discover problems only when:
- preparing year-end accounts,
- responding to compliance reviews,
- investigating cashflow pressures or;
- answering unexpected questions from partners or regulators.
Our Financial Controls Assessment for Law Firms provides an independent review of the systems, processes and financial records underpinning your firm’s financial management.
It helps move you from assuming the numbers are correct to knowing they are.
Can You Answer These Questions with Confidence?
- Are your bank balances, tax liabilities and control accounts correct?
- Would your financial records withstand detailed scrutiny?
- Are your financial reports reliable enough to support important business decisions?
If the answer to any of these questions is “I’m not sure”, this assessment provides the clarity you need.
What We Assess
Our financial controls assessment for law firms examines the key areas that determine the accuracy, reliability and integrity of your firm’s financial information.
Bookkeeping & Financial Record Integrity
We assess whether financial records are complete, up to date, consistently maintained and supported by appropriate evidence.
Control Account Integrity
We test whether key balance sheet accounts reconcile correctly, including Bank accounts, VAT, Payroll, PAYE and National Insurance, Loans, Debtors
Financial Reporting Quality
We review your Profit & Loss Account and Balance Sheet for Mispostings, Unusual balances, Classification errors, Structural weaknesses, Hidden issues affecting decision-making
Director & Partner Account Review
We identify Director’s Loan Account risks, Dividend treatment issues, Personal expenditure concerns.
Compliance Risk Review
We assess regulatory areas, including VAT controls, Payroll compliance, SRA-related financial processes
Our approach has been developed through more than three decades of experience across legal, financial, regulatory and operational environments.
What You Receive
You’ll receive a structured report explaining:
- How reliable your current financial information is.
- Weaknesses within your financial control environment.
- Tax, compliance and operational risks identified.
- Practical recommendations prioritised by impact and urgency.
The objective is simple:
Confidence that your financial information is accurate, reliable and fit for decision-making.
Why This Matters
Most financial reports tell you what has happened.
They don’t tell you whether the underlying information is accurate.
Without reliable financial data, decisions about growth, recruitment, profitability and cashflow become significantly more difficult.
Our Financial Controls Assessment helps identify hidden weaknesses before they become expensive problems.
Why Law Firms Use This Service
A Financial Controls Assessment for law firms helps:
- Improve confidence in financial information.
- Strengthen financial governance.
- Identify hidden tax and compliance risks.
- Improve management reporting.
- Support SRA and HMRC compliance.
- Prepare for growth.
- Reduce the likelihood of costly errors.
Common Warning Signs
This service is particularly valuable if:
- Financial reports regularly raise questions.
- Partners lack confidence in the numbers.
- Cashflow problems arise unexpectedly.
- Balance sheet reconciliations are inconsistent.
- Key financial knowledge sits with one individual.
- Your firm has grown without reviewing its financial controls.
- Your financial systems have never been independently reviewed.
Part of Our Three-Step Financial Management Framework
Step 1 – Financial Controls Assessment for law firms
Confirm your financial foundations are accurate, reliable and fit for decision-making.
Step 2 – Financial Controls Improvement
Strengthen the systems, processes and controls behind the numbers.
Step 3 – Strategic Financial Direction
Use reliable financial information to support better decisions, stronger profitability and sustainable growth.
Ready to Strengthen Your Financial Foundations?
Every strategic decision depends on reliable financial information.
Our Financial Controls Assessment provides the independent insight you need to identify weaknesses, reduce risk and build confidence in the numbers that drive your firm.
Arrange a consultation to discuss whether a Financial Controls Assessment is right for your firm.
