WA – Estate Agent’s Trust Accounts

A1 Audits > WA – Estate Agent’s Trust Accounts

General Information

The Real Estate and Business Agents Act 1978 (the Act) and the Real Estate and Business Agents (General) Regulations 1979 (the Regulations) require the strict maintenance of a formal set of trust account records, which show at any time the state of a real estate and business agent’s trust account

To audit an agent’s trust account, a person must be a registered company auditor,
under Part 9.2 of the Corporations Act 2001(Cwlth).

View the Real Estate and Business Agents’ Trust Account Handbook for more information.

 

Appointment of auditor

If you are an agent and have opened a trust account you are required to provide the details of your trust account and auditor. Please complete the Notification of openinga trust account form and email it to audits@commerce.wa.gov.au

 

Change of auditor

An auditor’s appointment is continuous until Consumer Protection approves a change to the auditor (under section 73 of the Real Estate and Business Agents Act 1978). To request approval, complete the change of auditor form and email it to audits@commerce.wa.gov.au

Agents seeking to change their statutory appointed auditor must lodge an application with Consumer Protection no later than one month after the end of the year to be audited. For example, where the audit period expires on 31 December 2016, an application must be received by Consumer Protection by 31 January 2017. Applications for a change of auditor will not be accepted after this time, as it will be nearing the due date for the annual audit.

 

Auditing

When conducting the audit we consider Information for auditors of real estate and business agents and A guide to auditing trust accounts

 

Key details:

Audit Period:1 January to 31 December

Audit Due Date:31 March

Audit Report submitted to:The auditor is required to deliver the audit report to
Consumer Protection

 

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.