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.uk
In this episode:
Obtain the report within six months of the accounting period end
Deliver it to the SRA only if it is qualified
Rule 12.5 is two limbs: chartered body, and registered auditor
Keep records six years from the record, not from the file
Exemption from the report exempts you from nothing else
Narrated 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.uk
In this episode:
Two different things get called a joint account, and only one is rule 9
The ledger separates client money, not the bank account
Rule 9 leaves statements and the bills record, and nothing else
A client's own account is one you operate as signatory
Money you do not hold never goes on a client ledger
Narrated 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.uk
In this episode:
The client ledger, not the client account, governs what you may pay
Credits increase the balance, debits reduce it
Reconcile at least every five weeks, three ways
No transfer to office without a bill delivered first
Principal method charges VAT, agency method does not
Narrated 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.uk
In this episode:
A breach is a breach whatever you knew or intended
Reporting turns on materiality, not on any fixed deadline
Correct a shortage from the firm's own money, promptly
Never fix one breach by committing another
A debit balance on a client ledger is a shortage
Narrated 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.uk
In this episode:
Rule 7.1 is the whole duty: account for a fair sum
The SRA sets no rate, de minimis or minimum period
Pooled interest is the firm's; designated account interest is the client's
There is no conveyancing exemption, and no £10,000 threshold
The fair sum is paid out of office money, not client money
Narrated 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.