A trust account generally refers to a separate bank account that specifically deals monies held ‘on trust’ for other people.
Trust account audits are compliance audits of all your trust records to ensure they comply with relevant legislation. Trust account audits are conducted annually, in accordance with Australian Auditing Standards.
The Property Agents and Motor Dealers Act trust account audits generally require two unannounced visits during each audit period as well as a year-end visit in relation to the audit period. The audit period calculation is based on your licence issue date. The audit report must be lodged with the governing body within four months of the audit period end.
The Property, Stock and Business Agents Act trust account audits do not require an interim visit, however any licensee may request an interim check of their trust records as a progressive compliance check. The audit must be completed for PSBA audits by 30th June each year, with a statutory reporting deadline of 30th September.
The Legal Profession Act trust account examinations do not require an interim visit, however the WPIAS can conduct interim examinations of your trust records to reduce the time required to complete the examination at the period end, and as a progressive compliance check. The audit must be completed for LPA examinations by 31st March each year, with a statutory reporting deadline of the 31st May.
Trust Accounts Act trust account audits also generally require one unannounced visit during each audit period, as well as the year-end visit in relation to the audit period. The audit must be completed by the 31st March each year with a statutory reporting deadline of the 31st May. The trustee may also be required to lodge the completed audit report with their professional body by the 30th June.
Servicing the Gold Coast, Brisbane and across Australia, at Accounting iCue we pride ourselves on delivering outstanding service to meet the needs of our clients. Our experienced professionals can assist you to establish a new business or restructure an existing one. We can provide you with advice and consultancy on your tax and accounting affairs. We can provide you with corporate and business support services. We tailor our services to meet your needs.
If you would like to discuss trust account audits with our professionals, please feel free to contact our Gold Coast team today. We are happy to offer advice you can count on, right across Australia.
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