Your trust records must be audited by an approved auditor each financial year, unless there is prior agreement from the Director of Consumer Affairs Victoria. You do not need an audit if you only receive transit money during the audit period.
You must supply the auditor with all accounting or other records of the conveyancing business.
As soon as the report is completed, the auditor must deliver it to the licensed conveyancer concerned. Within 10 business days, the licensed conveyancer must lodge a copy of this report (and any attachments) with Consumer Affairs Victoria.
You must keep records for at least seven years in a permanent form.
Visit Consumers Affairs Victoria for more information.
Audit Period: 1 July to 30 June
Audit Due Date: Conveyancers are required to procure their audit reports within seven weeks of June 30, and to have lodged a copy of the audit report within 10 business days of receiving it from the auditor.
Audit Report submitted to: Conveyancers must lodge a copy of the audit report via myCAV within 10 business days of receiving it from the auditor.
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.