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Trust Account

Trust account audits are compliance audits of trust records with relevant legislation and are conducted in accordance with Australian Auditing Standards.

WPIAS has extensive experience in the following:

  • Australian Real Estate and Business Agents trust account audit
  • Queensland and New South Wales Accountants trust account audit
  • Queensland and New South Wales Legal Professionals trust account external examination

REAL ESTATE AND BUSINESS AGENTS TRUST ACCOUNTS

Queensland

Real estate and business agents trust account audits in Queensland for the Office of Fair Trading require two unannounced visits during each 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. In Queensland the governing legislation is:

  • Agents Financial Administration Act 2014
  • Agents Financial Administration Regulation 2014
  • Property Occupations Act 2014
  • Property Occupations Regulation 2014
  • Debt Collectors (Field Agents and Collection Agents) Act 2014
  • Debt Collectors (Field Agents and Collection Agents) Regulation 2014
  • Motor Dealers and Chattel Auctioneers Act 2014
  • Motor Dealers and Chattel Auctioneers Regulation 2014
New South Wales

Real estate and business agents trust account audits in New South Wales for the Department of Fair Trading 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 is 30 June each year, with a statutory reporting deadline of 30 September. In New South Wales the governing legislation is:

  • Property, Stock and Business Agents Act 2002
  • Property, Stock and Business Agents Regulation 2003
Victoria

Real estate and business agents trust account audits for Consumer Affairs Victoria 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 is 30 June each year, with a statutory reporting deadline of 30 September. In Victoria the governing legislation is:

  • Estate Agents Act 1980
  • Estate Agents (General, Accounts and Audit) Regulations 2008.
South Australia

Real estate and business agents trust account audits in South Australia for Consumer & Business Affairs 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 will end two months prior to the expiration of the registration/licence with a statutory reporting deadline of two months after the end of each audit period. In South Australia the governing legislation is:

  • Land Agents Act 1994
  • Land Agents Regulations 2010
Western Australia

Real estate and business agents trust account audits in Western Australia for Consumer Protection 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 is 31 December each year, with a statutory reporting deadline of 31 March. In Western Australia the governing legislation is:

  • Real Estate and Business Agents Act 1978
  • Real Estate and Business Agents (General) Regulations 1979
Australian Capital Territory

Real estate and business agents trust account audits in the ACT for the Office of Regulatory Services 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 is 30 June each year, with a statutory reporting deadline of 30 September. In the ACT the governing legislation is:

  • Agents Act 2003
  • Agents Regulation 2003
Northern Territory

Real estate and business agents trust account audits in the Northern Territory for the Department of Business 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 is 30 June each year, with a statutory reporting deadline of 30 September. In the Northern Territory the governing legislation is:

  • Agents Licensing Act 2012
  • Agents Licensing Regulations 2013
Tasmania

Real estate and business agents trust account audits in Tasmania for Consumer Affairs and Trading 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 is 30 June each year, with a statutory reporting deadline of 30 September. In Tasmania the governing legislation is:

  • Property Agents and Land Transaction Act 2005
  • Property Agents and Land Transaction Regulations 2006

ACCOUNTANT TRUST ACCOUNTS

Queensland

The Trust Accounts Act 1973 and Trust Account Regulation 1999 governs Queensland accountants who operate a trust account. The legislation requires one unannounced visit during each audit period. The audit period end is 31 March each year, with a statutory reporting deadline of 31 May. In addition, Queensland accountants are required to comply with the requirements of APES 310 Dealing with Client Monies.

New South Wales

New South Wales accountants who operate a trust account are required to comply with APES 310 Dealing with Client Monies. The applicable year end date is 31 March for accounts 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.

LEGAL PROFESSIONALS TRUST ACCOUNTS

Queensland and New South Wales

Legal professionals trust account external examinations do not require an interim visit, however WPIAS conducts interim examinations of the trust records as a progressive compliance check. The audit period end for legal professionals trust account external examination is 31 March each year, with a statutory reporting deadline of 31 May.

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.