Trust account audits are compliance audits of trust records with relevant legislation and are conducted in accordance with Australian Auditing Standards
Real Estate Agent Trust Accounts:
PAMD (Property Agents and Motor Dealers) Act trust account audits, generally, require two unannounced visits during each audit period and a year-end visit in relation to the audit period. The audit period calculation is based on the relevant licence issue date. The audit report is required to be lodged with the governing body within four months of the audit period end.
PSBA (Property, Stock and Business Agents) Act trust account audits do not require an interim visit, however, a licensee may request an interim examination of the trust records as a progressive compliance check. The audit period end for PSBA audits is 30 June each year, with a statutory reporting deadline of 30 September.
Legal Practitioner Trust Accounts:
LPA (Legal Profession Act) trust account examinations do not require an interim visit, however, WPIAS conducts interim examinations of the trust records to reduce the time required to complete the examination at the period end and as a progressive compliance check. The audit period end for LPA examinations is 31 March each year, with a statutory reporting deadline of 31 May
Accountant Trust Accounts:
TAA (Trust Accounts Act) trust account audits, generally, require one (1) unannounced visit during each audit period and a year-end visit in relation to the audit period. The audit period end for TAA audits is 31 March each year with a statutory reporting deadline of 31 May. The trustee may also be required to lodge the audit report with their professional body by 30 June.
As independent auditors, we are unable to provide advice, however, our trust account audit team is available to respond to audit-related or compliance queries as they arise. We are dedicated to tailoring personalised service to our clients and providing value added services, including best practice suggestions for record keeping and educating clients regarding current changes in their industry.
The applicable year end date for trust accounts under APES 310 Dealing with Client Monies is 31 March for those opened pre 1 July 2011, or 12 months from the month end following the opening of the trust account for those opened post 1 July 2011. The audit report is required to be completed within 3 months of the applicable year end.
If you require any of these services, Please feel free to contact us.
