Real Estate Trust Account Audits

All real estate trust accounts must audited each year:

• for the period 1 July to 30 June
• within three months after 30 June
• by an approved auditor
• using the audit report form approved by Consumer Affairs Victoria (CAV).

A copy of the audit report must be lodged with CAV within 10 business days of receipt. Failure to do so is an offence, which may result in a penalty of up to 120 penalty units.

Variation of Audit Date

The annual audit date can be varied from 30 June by applying to CAV in writing. The new audit date cannot be more than 12 months after the previous auditor’s report. If approval is given, the trust account audit and auditor’s report must be completed within three months of the new audit year-end date.

What We Require You to Provide

In order to complete an effective & efficient review, access to the following are necessary:

• Access to accounting software used or copy of Trust Account Ledger, Trust Cash Receipt Journal, Trust Cash Payment Journal, Client & Special Ledger, Register of Trust Cheques
• Receipts/Invoices for monies received into the trust account during the financial year being audited
• Receipts/Invoices for payment out of the trust account during the financial year being audited
• Bank statements during the course of the financial year being audited

Fees

From $250 to $500 per audit report (GST exclusive)

Legislation

Real Estate Professional Conduct Regulations
CAV Licensing & Regulations