Our Audit Services
Trust Account Audits
Is a Trust Account vital for your Business? GPS Audit Assurance can provide independent assurance on the operation of your trust accounts. Our professional team provides trust account auditing service in a timely and effective manner allowing your agency to fully comply with laws and regulations without unnecessary hindrance to your staff. At our core, we review your practices and procedures, identify potential issues with your trust account and provide you with the necessary assurance report.
We have trust account audit expertise in the areas of:
Real Estate Agents Trust Account Audit
All Real Estate Agents in Queensland who open or operate a Trust Account, are responsible for ensuring each trust account is audited each year by a qualified auditor. The Qld Office of Fair Trading is the responsible Government Department for administering the applicable legislation, licensing and registration for Real Estate Agents:
- An agent must appoint an auditor within one month of opening a trust account and advise the Office of Fair Trading (“OFT”) within one month of the appointment.
- An agent’s trust account is to be audited for each audit period during which the agent carried on business as an agent and operated a trust account.
- The audit report must be lodged within 4 months after the end of your audit period, unless it is your last year of business where it must be lodged within 2 months after you stop carrying on a business.
- If an agent does not lodge an audit report or statutory declaration the agent can be fined or convicted of an offence; and the OFT can suspend or seek to cancel the licence.
Law Practice Trust Account Audit
All law practices who set up and operate trust accounts in Queensland report to the Queensland Law Society (QLS). Law practices need to comply with the Legal Profession Act 2007 (QLD) and Legal Profession Regulation 2017 when operating a trust account in Queensland:
- A law practice must appoint an individual as the external examiner of the law practice’s trust records within fourteen days after receiving trust moneys and give notice, within 30 days, to the Society of the practice’s external examiner.
- For each financial period ending on 31 March if the law practice received, held or disbursed trust money during the financial period an external examiner report must be lodged by 31 May of each year.
- The external examination report must be lodged with QLS.
Public Accountants Trust Account Audit
Motor Dealers/Auctioneers Trust Account Audit
Travel Agents Trust Account Audit
All licensed travel agents in Australia need to report to the Travel Compensation Fund with the Financial Statements and Trust Account audit report. For IATA purposes, a client trust account is a bank account that an agent must maintain separate to the general account which must include all client BSP (Billing and Settlement Plan) funds and the subsequent disbursements of those funds to airline principals. An annual audit is a mandatory requirement for all the licensed Travel Agents in Australia.
Resident Letting Agents Trust Account Audit
Any Resident Letting Agent operating a Trust Account has to comply and fulfil the annual reporting requirements to Office of Fair trading under Property Occupations Act 2014.
Why choose GPS Audit Assurance?
If requested we will complete the audit on-site at your Office.
- Our professional team provides trust account auditing service in a timely and effective manner allowing your agency to fully comply with relevant law and regulations without unnecessary hindrance to your staff
- We strongly believe in maintaining communication, so we make ourselves available to answer any questions you have during the year at no extra cost
- We provide advice on changes to trust account rules, regulations and guidelines and how they may affect your practice
- Draw on our experience as auditors of other trust accounts which enables us to advise on systems and procedures that may be better suited to your practice.
- We specialise in delivering audits. This means our team has a wealth of technical expertise in every aspect of the audit process.
- Our commitment to using current audit software allows for a timely audit whilst ensuring we remain fully compliant with ever changing accounting and auditing standards
- We will provide suggestions to improve your financial systems and to lower risk
Speak to us about trust account audits today
We can help you or your clients with any of your company audit needs. We are also available to discuss your business views and concerns. Contact us for more information, it's obligation free.