Real estate trust account audits are an important annual compliance obligation under state legislation. However, audit time is not just about meeting compliance requirements. In the right hands, the audit process can provide your business with additional opportunities to maximise your business processes. At Madden Partners, we ensure a thorough and specialised audit, but also provide tailored recommendation at no additional cost. We know that one size does not fit all and that an effective audit relies on us taking the time to understand your business, trust account system and processes, and objectives.
What you can expect
At a minimum, real estate trust account audits are conducted for verification that trust account monies have been handled in accordance with the regulatory requirements of your state, including:
- that record-keeping is performed to provide a true, accurate and verifiable account of monies held; and
- that no contraventions of state legislation occur.
In short, the trust account audit is designed to determine if there have been some deficiencies in internal controls, and whether any aspect of accounting records and compliance obligations need review or improvement. We specialise in trust account audits for New South Wales and Queensland and can provide guidance on the specific requirements for your state.
Throughout the audit process, the team at Madden Partners will ascertain what aspects of the trust account require review and where improvements or efficiencies can be gained. The audit is conducted as painlessly as possible, whilst being as thorough as you’d expect. Throughout our planning process, the scope of the audit is established and we will work with you to perform the required testing to lead to the completion and lodgement of the Auditor’s Report, as well as feedback and recommendations.
Additional opportunities
It is important to select an auditor you can trust and who is committed to delivering on your needs. Madden Partners have a wealth of experience in real estate trust audits for real estate agencies of all sizes, across New South Wales and Queensland. As Chartered Accountants and Registered Company Auditors, our qualifications and experience provide us the edge to tailor the audit to your specific business requirements.
Throughout the audit, the team at Madden Partners review specific aspects of your trust account processes and offer additional recommendations at no additional cost.
Opportunities to increase the efficacy of your trust account operations include:
- the recognition of efficiencies that can streamline operations
- enhancements to trust account operation and organisation
- risk minimisation
- recommendations on how to bolster control and compliance processes
- recommendations on potential compliance issues and steps to take to minimise the risk of breaches
- enhancements to internal controls and record-keeping
It is possible to get more from your auditor for your real estate trust account audit requirements. Madden Partners offer these services in a streamlined way both remotely and in person through our offices in Orange, Sydney and Brisbane. Our ‘Country Service, City Qualified’ customer focus ensures that we provide specific and plain-English solutions to provide an efficient, effective real estate trust account audit alongside customised solutions for your trust account operations.
