TRUST ACCOUNT AUDITS
What is a Trust Account?
A Trust Account stands as an indispensable financial instrument utilized by advisors, attorneys, and a range of experts for safeguarding and overseeing their clients' finances. These trust accounts often act as secure vaults where clients can temporarily park their resources while considering potential investments. Upholding transparency and adhering to regulations, professionals are legally bound to undergo annual audits for trust accounts when handling client funds in a fiduciary role. This practice not only builds trust but also assures accountability, making it a vital aspect of financial stewardship.
CRUCIAL DATES FOR TRUST ACCOUNT AUDIT
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Ensure compliance of trust account.
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Annual review shall be done by September 30th.
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Alternatively, perform it within three months after a specialized audit period.
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Ensure the security of your financial integrity.
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Complete the annual audit by September 30th.
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Alternatively, meet the requirement within three months of a different audit period, if relevant.
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Uphold financial transparency.
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Complete the annual audit by March 31st.
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Alternatively, conduct it within 90 days after that date, or as specified by the ICAA.
WHAT WILL THE AUDITOR NEED TO AUDIT A TRUST ACCOUNT?
Auditors typically necessitate access to a wide array of documents and records that are related or linked to the finances held within a trust account. To streamline the audit process, it's wise to ensure this information is readily available in advance. We recommend arranging a preliminary meeting with the auditor to review these documents even before the audit officially commences. Importantly, you don't have to wait for a formal request to provide access; you can submit these particulars to the auditor as promptly as possible upon concluding the audit period.
DOCUMENTS AND RECORDS THAT AUDITORS WILL REQUIRE:
Trust Account Activity Statements
1.
These statements should comprehensively cover all trust account activities.
Deposits and Receipt Records
2.
Keep meticulous records of trust account deposits and receipts.
Trust Account Journals and Client Ledgers
3.
Ensure that trust account journals and client ledgers are consistently updated and accessible.
Documentation of Check Transactions and Electronic Fund Transfers
4.
Maintain thorough documentation for all trust account check transactions and electronic fund transfers.
Transaction Details for Daily Receipts and Payments
5.
Maintain comprehensive records for the daily trust account receipts and payments.
Monthly Trust Reconciliation Records
6.
Maintain records of monthly trust account reconciliations.
Monthly Trust Account Trial Balance
7.
These are essential components of the audit process.
Overdraft Records
8.
Be sure to document any instances of overdraft.
AFTER THE AUDIT, WHAT ELSE?
Other than furnishing a comprehensive audit report at the end of the audit, we offer a wide range of supplementary services specially designed to support your trust account needs:
Expert Consultation
Rely on our seasoned trust account professionals, possessing profound insights into trust account practices, for expert guidance that's just a click or call away.
Enhanced Team Competency
Elevate your team's expertise with personalized trust account procedure training. This proves especially invaluable in scenarios where you need to replace your existing trust accountant.
Optimized Solutions
Leveraging our extensive auditing experience across diverse trust accounts, we fine-tune solutions to impeccably align with your unique practice, ensuring optimum efficiency and compliance.
Reliable Support
Count on us as your dependable partner whenever trust account challenges surface, be it reconciling accounts or navigating intricate transactions.
Regulatory Awareness
Stay well-informed about shifts in trust account rules, regulations, and guidelines with our regulatory insights. Gain a deep understanding of how these changes can influence your practice.
WHAT DO WE OFFER?
We offer a wide range of real estate trust account audit services across the Australia, mainly in Victoria, NSW, and Queensland.
OUR FIXED FEE
Our audit fee is fixed at $800 per trust account*; Utilising best practice approach and with our experience in auditing trust account, we are able to employ the most efficient procedure with the value added services to achieve savings to your agencyBest of the Best
$800
PER TRUST ACCOUNT
$200 off for first 50 bookings
No hidden charges* (Surcharge of $200 for single account operators)
To speak with one of our fully qualified trust accounts auditors for an appointment and benefit from our experience
Give us a call on 1300 82 84 86 or (03) 9510 5005.
All prices are exclusive of GST.