Trust Account Audit | Real Estate & Legal Trust Audits

Trust account audits for agents, lawyers and conveyancers.

If your business holds client money in trust, the law in your state requires that trust account to be audited each year by an independent auditor. We audit real estate, legal, conveyancing and settlement trust accounts and give you a report ready to lodge with the regulator before your deadline.

Overview

What a trust account audit covers.

A trust account audit is an independent annual examination of the trust money a business holds on behalf of clients. It checks that money was received, recorded, held and paid out correctly, and that trust records are kept the way the relevant law requires.

The obligation is set by state and territory law and varies by profession: real estate agents, legal practitioners, conveyancers and settlement agents each report to a different regulator on a different timetable. Penalties for a late or missing trust audit can be significant, so the deadline matters.

What's included.

Trust records examination. We test receipts, payments, journals, the trust ledger and the trust bank account against the records you are required to keep.

Reconciliation testing. We check that monthly trust reconciliations were prepared on time and that the trust ledger agrees to the bank.

Compliance with state rules. We audit against the legislation that applies to your profession and state, and flag any breaches clearly.

Regulator-ready report. An auditor's report in the form your regulator accepts, ready to lodge before your due date.

How it works.

Tell us your profession and stateThe rules differ for agents, lawyers and conveyancers, and by state, so we confirm exactly which framework and deadline apply to you.

We audit the trust recordsWe examine the trust ledger, reconciliations and bank records for the audit period and raise any issues directly.

Lodge on timeWe issue the report in the format your regulator requires, in time for you to lodge before the statutory deadline.

Common questions.

Who needs a trust account audit?

Any business that holds client funds in a trust account: real estate agents, law practices, conveyancers and settlement agents are the most common. The requirement comes from the licensing law in your state, not from the tax system.

When is my trust account audit due?

Deadlines are set by state law and the profession. Many real estate trust audits run to a 30 September deadline for the year ended 30 June, but this varies. Tell us your state and licence type and we will confirm your exact date.

What happens if there is a shortfall or a breach?

We report it in the audit, explain what caused it, and set out what the regulator expects you to do. Catching it through the audit and acting on it is far better than the regulator finding it first.

Do you audit trust accounts in every state?

Yes. We work to the legislation of each state and territory and lodge in the format the relevant regulator accepts.

Get a fixed-fee quote.

Tell us about the entity and the financial year, and we'll come back with a fixed-fee quote within one business day.