VIC – Estate Agent’s Trust Accounts

A1 Audits > VIC – Estate Agent’s Trust Accounts

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.

Visit Consumers Affairs Victoria for more information.

 

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.

 

Our Service

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.