Real Estate and Property Trust Accounts Audits
In Australia, real estate agents are required to maintain trust accounts in accordance with relevant state and territory legislation governing the handling, recording, and reporting of trust monies, ensuring proper management and compliance with regulatory requirements.
Who must have a trust account audited?
A trust account audit is generally required where a licensee, former licensee, or authorised representative has held or received trust money during a financial year. This applies to both individuals and corporate entities that are responsible for managing trust funds.
Where a corporation holds the licence, the responsibility for ensuring the audit is completed typically rests with the company. In cases where an individual licensee operates under the licence and manages trust money, they are responsible for ensuring compliance with audit requirements.
How are trust account audits submitted?
Trust account audit reports are generally required to be lodged electronically through the relevant regulatory authority’s designated online portal by a registered auditor, within the prescribed reporting timeframe.
Why a trust account audit is important
A trust account audit provides independent assurance over how trust money is handled, recorded, and reported. It helps ensure compliance with regulatory requirements while identifying potential issues in processes, controls, or record-keeping.
At IK Audit, Assurance and Advisory, we deliver timely and structured trust account audits that support compliance obligations and minimise disruption to your day-to-day operations.
Our trust account audit services for real estate agencies
We provide independent trust account audit and assurance services for real estate agencies, focusing on compliance, accuracy, and risk awareness. Our procedures typically include:
- Review of trust accounting practices and procedures
- Examination of trust receipts and payments
- Bank statement and reconciliation testing
- Verification of client trust balances
- Review of journals and adjustments
- Assessment of dormant trust accounts
- Review of sales trust records (including contracts, Section 32 statements, commissions, and authorities)
- Review of rental trust records (including tenancy agreements, condition reports, bond handling, and related documentation)
Our objective is to provide clear, independent assurance that supports regulatory compliance and strengthens trust accounting practices.
Ready to talk?
Whether you need an independent audit or strategic advisory support, we'd be glad to discuss your needs.