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Regulatory and Compliance Audits

Audit of Trust Accounts 

A trust account is where an accountant, solicitor, real estate agent, travel agent or other professional holds a client's money on their behalf.

 

The trust account is usually used to secure a client's money until they decide how they want to invest it or in anticipation of an upcoming transaction or in advance of professional services to be rendered.

 

When an accountant, solicitor, real estate agent, travel agent or other 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 audits relevant to your profession, please contact Ryk Eksteen on 03 9680 1000 or email him at  re@collinsco.com.au

 

Collins & Co can offer you other additional services in relation to trust accounting and internal controls:

 

  • We have good knowledge of trust practices and are available to provide you useful advice 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.

 

  • We can provide training to your staff in trust account procedures. This is particularly relevant should you need to replace your existing trust accountant.

 

  • We can advise you  on how changes to trust account rules, regulations and guidelines may affect your practice.

 

  • We can provide advice on trust accounting  software, internal control systems and procedures that may be better suited to your practice.

 

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