Audit · Trust accounts
Trust account audits for agents, solicitors, conveyancers and accountants
Annual trust account audits and examinations for real estate agents, solicitors, conveyancers and accounting firms, by a registered auditor. A fixed quote, a timetable agreed at the start, and the report lodged before the deadline.
What we audit
Real estate agents
Sales and property management trust accounts for NSW licensees, including the rent and bond ledgers that make up most of the transactions. We work from the reports your trust accounting software produces.
Solicitors and law practices
External examination of trust records for law practices, covering general trust accounts, controlled money and transit money, with the report prepared in the form the Law Society requires.
Conveyancers
Annual audits of licensed conveyancers’ trust accounts, covering deposits, settlement funds and disbursements, with the report lodged with NSW Fair Trading.
Accounting firms
Audits of accounting and tax practices’ client money trust accounts against APES 310 Client Monies, including tax refunds received on clients’ behalf.
Reports on time
Lodgement deadlines are fixed, and a late or qualified report draws the regulator’s attention. We agree a timetable at the start and stick to it.
Findings you can act on
Every issue explained, with what caused it and how to stop it recurring, so next year’s audit is cleaner than this one.
What we need
Bank statements for each trust account for the full period, monthly reconciliations and trial balances, the cash book and ledger reports from your trust accounting software, receipt and payment records, and any correspondence with the regulator or your professional body. We send a checklist with the engagement letter.
Our auditors
[check: registered auditor names and ASIC registration numbers]
Frequently asked questions
Does my agency’s trust account need an audit?
Yes. A NSW licensee who holds money in trust under the Property and Stock Agents Act 2002 must have the trust account audited each year and the audit report lodged with NSW Fair Trading. [check: audit period and lodgement deadline to state here]
What about solicitors?
Law practices that hold trust money must have their trust records externally examined each year under the Legal Profession Uniform Law, with the examiner’s report lodged with the Law Society of NSW. [check: examination period and lodgement deadline to state here]
We’re licensed conveyancers. Do we need an audit?
Yes. Licensed conveyancers who hold trust money must have their trust accounts audited each year under the Conveyancers Licensing Act 2003, with the audit report lodged with NSW Fair Trading. [check: audit period and lodgement deadline to state here]
Do accounting firms need a trust account audit?
If your practice holds client money in a trust account, for example tax refunds received on clients’ behalf, APES 310 Client Monies sets out how it must be handled, an independent annual audit is generally required, and your professional body may ask for the report. We audit against the standard so you can show you’ve complied.
How much does a trust account audit cost?
A fixed fee quoted before we start, based on the number of trust accounts, the volume of transactions and the state of the records. [check: starting price to publish, if any]
What do auditors most often find?
Monthly reconciliations not done or not signed off, unexplained differences between the cash book and the bank, ledgers that have gone into debit, unclaimed money that should have been dealt with, and receipts not banked promptly. We point these out early, so they can be fixed before the year end where possible.
Can you help get our trust accounting in order before the audit?
We can explain what needs fixing and how, but if we’re your auditor we can’t do the reconciliations for you; that would compromise our independence. Your own staff, bookkeeper or software support can make the corrections.
Ready to talk?
Book a free consultation of up to an hour, in the office or by video, or just call.