Trust Account Audit for Real Estates in NSW
A trust account audit is an important consumer protection measure and remains a core obligation for licensed real estate agents and conveyancers across Hunter, Manning and the Central Coast. At Brown Auditing Services, our trust account auditors make compliance simple, quickly identifying any areas of risk and mitigating any threat to licence renewal.
Trust Account Audit Requirements
Consumer law requires certain professional enterprises, such as real estate agents and solicitors, to open a trust account for the purpose of depositing certain payments, such as rental bond payments.
A compliant trust account must include the name of the business or practice which will deposit funds into the account. The name of the trust account must also refer to the type of business using the account.
Who Can Audit Real Estate Trust Accounts
Approved trust account auditors are practising public accountants who are a member of at least one of these professional bodies:
- CPA Australia
- the Institute of Public Accountants
- the Institute of Chartered Accountants in Australia
Our trust auditors are approved auditors with extensive experience conducting audits that comply with Chartered Accountants Australia & New Zealand, Certified Practicing Accountant guidelines and Australian Auditing Standards.
Trust Account Audit Process
Real estate agents and conveyancers must first provide all documentation reasonably necessary for the audit. You must also provide a statement detailing trust money held on the last day of the audit period and negotiable or bearer securities or deposit receipts you held that day representing money you’ve drawn from your trust account.
Your trust auditor will then assess and certify financial records of the trust and provide a signed auditor’s report verifying the accuracy of information. Agents should hold onto each auditor’s report for 7 years.
How We Can Help
In addition to providing a trust account audit, we can also provide additional services and support to improve compliance around managing your trust accounts. For example, providing recommendations on improving record keeping processes, and providing assistance if you are unable to reconcile trust accounts or are uncertain how to treat certain transactions.
We can provide advice for your staff in compliant trust account procedures. This includes advising on changes to trust account rules, regulations and guidelines and how they may affect your agency or practice. Draw on the extensive experience of our auditing team to improve systems and procedures around managing your trust accounts.
Trust Account Auditors in New South Wales
At Brown Auditing Services, our experienced team provides trust account auditing services for real estate agents, conveyancers and solicitors across Maitland, Hunter, Rutherford, Orange, Tamworth, Dubbo, Taree and the Central Coast.
Call us today on +61 428 661 200 or contact us online for more information on who can audit real estate trust accounts or to see how we can help.