Licensees under the Conveyancers Licensing Act 2003 are required to hold clients’ funds in a trust account kept at an authorised deposit-taking institution in New South Wales and approved by the Director-General, Department of Finance, Services and Innovation. For a list of authorised institutions, go to the Trust accounts page of NSW Fair Trading.
Under the Act, the records of Conveyancers in relation to the handling of trust money must be audited.
The following people must submit an audit of their trust account to NSW Fair Trading, if they received or held trust money during the financial year ending 30 June.
- a licensee
- a former licensee, or
- a personal representative of a licensee.
The audit must be lodged within 3 months after the end of the audit period. The audit must be lodged with Fair Trading no later than 30 September 2015.
If a trust account audit is not lodged by the due date, licensees could be disqualified from holding a licence and possibly prevented from renewing a licence.
Where a licensed corporation receives and is responsible for trust funds, a trust account audit must be lodged by the licensed corporation. If an individual licensee receives and is responsible for trust money, a trust account audit must be lodged by the individual licensee.
Visit Fair Trading for more information.
Audit Period: 01 July to 30 June
Audit Due Date: 30 September
Audit Report submitted to: From 1 July 2019, the auditor must lodge all audit results with Fair Trading via the Auditors Report Online portal.
We are qualified trust account auditors and can provide independent assurance on the operation of your trust accounts. Our professional team provides their auditing service in a timely and effective manner allowing your firm to fully comply with the regulations without unnecessary hindrance to your staff. Our experienced audit team will:
- Review your practices and procedures.
- Identify potential issues with your trust account.
- Provide you with the necessary audit report.
Our Fixed Fee
We charge a fixed fee as per our Schedule of Fees page.
Utilising best practice approach and with our experience in auditing trust accounts, we are able to employ the most efficient procedure with the value added services to achieve savings to your firm.
Give us a call on 1300 007 673 to speak with one of our fully qualified trust account auditors and benefit from our experience.