What is a Trust Account?
A Trust Account is where an adviser, solicitor or other
professional holds a client's money on behalf of them. The trust
account is usually used to park a client's money until they
decide how they want to invest their money. In each circumstance
where a professional holds money on behalf of their client in
trust, they are required to have their trust accounts audited
annually.
If you would like further information on trust account audits
relevant to your profession, click on your selection below:
Key Dates for Trust Account Audits
|
Trust Account
|
Review Period
|
| Lawyer's trust
account
|
31 May |
| Real Estate Agents
and Business Broker's trust account
|
30 September
annually, or within 3 months of any separate audit period
applicable |
| Travel Agent's
trust account
|
30 September
annually, or within 3 months of your applicable financial
year end |
| Accountant's trust
account
|
31 March
annually, within 90 days of that date or such
other date as determined by the ICAA
|
What records does the auditor need?
Essentially, the auditor will need access to all records and
documents relating to money held in a trust account. It is best
if you have this information already prepared, and then meet
with the auditor before the auditor starts any work. You do not
have to wait until you obtain a report form to provide access,
you can provide these details to the auditor as soon as possible
after the end of the audit period.
The auditor will need:
- All trust account statements for the reporting period
- Trust account deposit books
- Trust account receipt books
- Trust account cheque butts or details of electronic funds
transfers
- Cash book (details of daily receipt and payment transactions)
-
manual and computer systems
- Monthly trust reconciliations records
- Trust account journals and client ledgers
- Monthly trust account trial balances and records of any
overdrafts
Apart from providing you with a report at the end of the audit,
Quinns can offer you additional services:
- Work with our professionals who have a good knowledge of trust
account practices and are available to give useful advice
- Have someone to turn to should a problem with the trust account
arise; such as being unable to reconcile the trust account or
being uncertain how to treat certain transactions
- Have someone who can provide training for your staff in trust
account procedures. This is particularly relevant should you
need to replace your existing trust accountant
- Receive advice on changes to trust account rules, regulations
and guidelines and how they may affect your practice
- Draw on our experience as auditors of other trust accounts which
enables us to advise on systems and procedures that may be
better suited to your practice.
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Our dedicated team can assist you with all your auditing
needs.
Complete
and submit the Express Enquiry form on the top right hand side
of this page and we will contact you to discuss your enquiry
or call us on 1300 QUINNS (1300 784 667) or on +61 2 9223
9166 to arrange an
appointment.
|
