SQE1 Prep — The Audio Course

The report was finished in September, well inside the deadline, and posting it a fortnight late is still a breach in its own right.Practise this topic with exam-style questions: sqe1prep.co.ukIn this episode:Obtain the report within six months of the accounting period endDeliver it to the SRA only if it is qualifiedRule 12.5 is two limbs: chartered body, and registered auditorKeep records six years from the record, not from the fileExemption from the report exempts you from nothing elseNarrated by an AI voice from a script written and checked by the editors at sqe1prep.co.uk. Educational content only — not legal advice. SQE1 Prep is not affiliated with or endorsed by the SRA or Kaplan.

Two clients, one pot of money, and a trainee who is certain you need two bank accounts to keep it straight.Practise this topic with exam-style questions: sqe1prep.co.ukIn this episode:Two different things get called a joint account, and only one is rule 9The ledger separates client money, not the bank accountRule 9 leaves statements and the bills record, and nothing elseA client's own account is one you operate as signatoryMoney you do not hold never goes on a client ledgerNarrated by an AI voice from a script written and checked by the editors at sqe1prep.co.uk. Educational content only — not legal advice. SQE1 Prep is not affiliated with or endorsed by the SRA or Kaplan.

Your client has paid you six thousand pounds and it is all still in the client account, and you still cannot send the completion money.Practise this topic with exam-style questions: sqe1prep.co.ukIn this episode:The client ledger, not the client account, governs what you may payCredits increase the balance, debits reduce itReconcile at least every five weeks, three waysNo transfer to office without a bill delivered firstPrincipal method charges VAT, agency method does notNarrated by an AI voice from a script written and checked by the editors at sqe1prep.co.uk. Educational content only — not legal advice. SQE1 Prep is not affiliated with or endorsed by the SRA or Kaplan.

There is no twenty-four hour rule, and believing in one is how a small overdraft turns into a career problem.Practise this topic with exam-style questions: sqe1prep.co.ukIn this episode:A breach is a breach whatever you knew or intendedReporting turns on materiality, not on any fixed deadlineCorrect a shortage from the firm's own money, promptlyNever fix one breach by committing anotherA debit balance on a client ledger is a shortageNarrated by an AI voice from a script written and checked by the editors at sqe1prep.co.uk. Educational content only — not legal advice. SQE1 Prep is not affiliated with or endorsed by the SRA or Kaplan.

The bank pays the firm £9,000 of interest on the client account, the clients are owed £6,400, and the firm keeps the difference lawfully.Practise this topic with exam-style questions: sqe1prep.co.ukIn this episode:Rule 7.1 is the whole duty: account for a fair sumThe SRA sets no rate, de minimis or minimum periodPooled interest is the firm's; designated account interest is the client'sThere is no conveyancing exemption, and no £10,000 thresholdThe fair sum is paid out of office money, not client moneyNarrated by an AI voice from a script written and checked by the editors at sqe1prep.co.uk. Educational content only — not legal advice. SQE1 Prep is not affiliated with or endorsed by the SRA or Kaplan.