Trust Account Audits

Why do I need an annual Trust Account audit?

You are required to use an external auditor to perform an annual Trust Account audit to ensure your records have been kept in accordance with the requirements of the legislation.

Failure to meet this statutory requirement may result in one or more of the following:

  • Financial penalties
  • Suspension of your license
  • Conditions placed on the use of your license
  • Cancellation of the license and disqualification for obtaining another licence
  • Annual audits of your Trust Account protect against theft, fraud, misappropriation of funds, and not placing your professional indemnity insurance cover at risk

Our Trust Account Audits

Our Trust Account audits ensure you are following Trust Account requirements, and cover a wide variety of accounts under management by:

  • Solicitors
  • Real Estate agents
  • Property Managers
  • Travel Agencies
  • Accountants

Key Dates for Trust Account Audits

  • Lawyer’s trust account – 31st March
  • Real Estate Agents and Business Broker’s trust account – 31st December
  • Settlement Agents – 30th June
  • Accountants trust account – 31st March
  • Travel Agent’s trust account – 30th June

We will need access to all records and documents relating to monies held in trust. We will also need:

  • All Trust Account statements for the reporting period
  • Trust Account deposit and receipt books
  • Trust Account cheque books and electronic fund transfer details
  • Cash book covering manual and computer systems
  • Monthly Trust Account reconciliation records
  • Trust Account journals and client ledgers
  • Monthly Trust Account trial balances and records of any overdrafts

For further information on Trust Account audits relevant to your profession, click on the attached links:

Triswan Associates offers you additional services:

  • Advice on Trust Account practices and processes
  • Training in Trust Account procedures
  • Advice on changes to Trust Account rules, regulations and guidelines and how they may affect your practice
  • Advice on better practice systems and procedures for your practice

Our dedicated team will assist you with all your auditing needs

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