Professional Trust Account Auditing for Victoria Real Estate Agents

Real estate agents must have their trust accounts audited annually. The audit period typically runs from 1 July to 30 June, with reports due by 30 September in most Australian states. Some states may have different deadlines, so it's important to check your specific state requirements.

Trust account audits cost $549 + GST per trust account. If you have multiple trust accounts, each account is charged $549 + GST. For example, 3 trust accounts would cost 3 × $549 + GST = $1,647 + GST total.

Most real estate trust account audits are completed within 5-10 business days from receipt of all required documentation. The timeline depends on the volume of transactions, quality of record-keeping, and responsiveness in providing requested documents.

You'll need bank statements, trust account registers, receipts, deposit books, monthly reconciliations, client ledgers, and any relevant correspondence. We provide a complete checklist upon engagement to ensure you have everything ready for a smooth audit process.

Our trust account audits are prepared with reference to the applicable state trust account audit requirements for real estate agents. Our auditors are members of professional accounting bodies and work under relevant Australian assurance standards, including ASAE 3000 and ASAE 3100.

Audits must be conducted by qualified auditors who are members of professional accounting bodies such as CPA Australia, Chartered Accountants Australia and New Zealand, or the Institute of Public Accountants. The auditor must hold a Public Practising Certificate and be independent from your agency.

Yes, monthly reconciliations are mandatory and critical for audit success. You should reconcile your trust accounts monthly (or more frequently) to identify discrepancies early. Daily reconciliation is considered the gold standard and makes the audit process much smoother.

If your audit identifies non-compliance issues, you'll need to implement corrective actions immediately. Depending on the severity, this could result in fines, additional audits, or in extreme cases, licence suspension. We work with you to address any issues and ensure compliance.

Pricing is calculated per trust account and can vary by state. The total fee is usually the applicable per-account price for your state multiplied by the number of trust accounts being reviewed. We can confirm the exact fixed price once we know your state and account count.

Start by ensuring all monthly reconciliations are up to date, organize your documentation, and review previous audit recommendations. Maintain clear separation between trust and business funds, ensure all transactions are properly authorized and documented, and keep detailed records throughout the year.

Yes, while the core principles are similar, each state has specific requirements for audit deadlines, reporting formats, and submission processes. For example, NSW uses the Auditor's Report Online portal, while other states have different submission methods. We handle all state-specific requirements for you.

Trust money includes rental payments, sales deposits, advertising fees, maintenance funds, and any other money received on behalf of clients. This money must be kept separate from your business funds and can only be used for its intended purpose as directed by the client.

Each trust account requires individual audit coverage and is charged separately at $549 + GST per account. While they can be conducted as part of a single audit engagement for efficiency, each account is assessed and charged individually regardless of whether you maintain general or separate trust accounts.