Checklist : Is your trust account: ‘audit-ready’?

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Checklist trust account audit ready

Your auditor is a key resource…. are you using them?  Just think of them as a close friend with detailed knowledge of the legislation in your state.

They can help with just about any situation you come across in the real estate industry.  They will provide advice on any unusual transaction to help ensure your agency and your trust account remain compliant.  

Staying in touch with your auditor gives them confidence knowing you will discuss anything unusual with them prior to your audit.

Preparing for your auditor will not only assist them, it will give you an opportunity to review your trust and perhaps also some of your office systems and processes. 

Try this checklist to make this year’s audit a stress-free process:

Read-only access will do.

This is ideally completed regularly, if not daily.

Auditors and the relevant authority in your state both love to see your trust is reconciled when they visit. 

This is a sign of a well-managed trust account.

Provide your auditor with copies of your bank statements.  These can be digital copies.

Make copies available of every end of month report for the financial year period you are being audited. Ensure each report has been dated and signed by the Officer in Effective Control of your agency.  This can also be a digital copy. If you haven’t already done so, check your trust reports as per our checklist for End of Month Reports

Your auditor will randomly check your property files.  You want to ensure you have all relevant documents for each property.  Ideally, you have these saved in your Property software

  • Leases
  • Executed Contract of Sale
  • Management & Sale Authority Agreements
  • Condition Reports
  • Bond Receipts
  • Marketing Schedule
  • Other relevant compliance requirements as per your state.

Each employee file should contain each of the following:

  • Copy of the employee’s qualifications
  • Registration with the relevant body for your state
  • Police Check

A copy of your Registration with the relevant body for your state.  A digital copy will suffice.

Review and save any notes to adjustments or corrections made to your trust account during the month and make these available to your auditor on request.

Need more advice?

If you need any assistance or have any queries at all regarding this process, please do not hesitate to contact us at admin@trustdfigures.com. Want to see more? Check out how we manage our trust accounts and ensure their compliance.

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Trustd Figures

Trustd Figures

Our management team at Trustd Figures have over 20 years experience in trust accounting and real estate consulting across Australia.
We have set one goal at the heart of the firm - to have pride in the success of our clients, and to share our knowledge to help them get to where they strive to be.
Reach out and lets us show you how we can be a trusted figure on your team too.