General Information

You must have your trust accounts audited each year:

• for the period 1 July to 30 June
• within three months after 30 June
• by an approved auditor.

You must lodge a copy of the audit report with Consumer Affairs Victoria within 10 business days of receiving it from the auditor. If you don't, you are committing an offence, which may result in a penalty of up to 120 penalty units.

You must keep your trust accounts in a way that allows a proper and convenient audit.

You must also:

• provide the auditor with all books, papers, accounts, documents, securities, statements and reports reasonably necessary for the audit, and any information they reasonably require
• prepare, certify and produce for the auditor a statement detailing:
  • trust money held on the last day of the audit period
  • negotiable or bearer securities or deposit receipts you held that day, which represent money drawn from your trust account
• retain a copy of the signed audit report for seven years after it is delivered to you, and be able to produce the report on demand.

Key details:

Audit Period:1 July to 30 June

Audit Due Date:Estate agents are required to procure their audit reports by 30 September, and to have lodged a copy of the audit report within 10 business days of receiving it from the auditor.

Audit Report submitted to:Estate Agents must lodge a copy of the audit report via myCAV within 10 business days of receiving it from the auditor.