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All members of the Institute of Chartered Accountants in
Australia and CPA
Australia are required to have their trust
accounts examined by an approved auditor at least annually, if you are entrusted with money
in the course of your practice on behalf of a client, and you
are a member or affiliate in public practice or act as an
investment adviser. This is also in accordance with Institute of
Chartered Accountants in Australia - APS 10, Trust Accounts.
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The auditor must be a member of the Institute of Chartered
Accountants in Australia or CPA Australia, and hold a
Certificate of Public Practice and have adequate training,
experience and competence in auditing.
Michael Quinn is a certified auditor by the Australian Institute
of Chartered Accountants. Thereby Quinns can undertake the audit,
in accordance with the applicable Australian Auditing Standards,
on your behalf, with the exception of below, if applicable.
An Auditor is disqualified from accepting or continuing with
an audit of another Member's Trust Bank Account where:
(a) the Auditor is, or at any time within two (2) years
before appointment has been, an employee or partner of the
Member; or
(b) the Auditor has, or had at any time within two (2) years
before appointment, any material financial interest in any
enterprise, corporation or business with the Member pursuant to
Professional Statement F.1"Professional Independence"; or
(c) the other Member audits the Member's Trust Bank Account;
or
(d) where it may be considered that independence may be or
may appear to be impaired, pursuant to Professional Statement
F.1 "Professional Independence".
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Should you be unable to have the audit completed within the
required time frame it is expected that you would advise the
Institute of Chartered Accountants in Australia (ICAA). The
resultant action taken is dependent on the circumstances
surrounding the delay. The ICAA response may vary as widely as
simply acknowledgement in writing to disciplinary proceedings.
If there is a reported breach, then the action taken is
firstly dependent on the nature of the breach, amount of
deficiency, if any, and the rectifying action taken by the
member. The ICAA response may vary as widely as simple
acknowledgement in writing of the issue and its rectification to
disciplinary proceedings.
In the instances of penalties and offences, the primary focus
is to ensure resolution of the issues as soon as possible, in
accordance with maintenance of the ongoing requirements.
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Our dedicated team can assist you with Accountant Trust
Audits and other 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.
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