Real Estate Trust Account Audit

Trust Account Compliance for Property Management and Real Estate Agencies

Trust account compliance is one of the most heavily scrutinised areas for any agency involved in property management. Whether you manage residential rentals, commercial leases, or sales settlements, your trust account records must accurately reflect every transaction made on behalf of your clients.

We help real estate agencies stay on top of their obligations by:

• Confirming the correct audit period has been assessed
• Checking that trust account bank statements reconcile with internal ledgers
• Ensuring financial records are complete, accurate, and audit-ready
• Advising on any gaps that could affect your annual audit outcome

How Your Real Estate Trust Holds Trust Money and Trust Funds

Every estate agent trust account exists to safeguard trust money and trust funds held on behalf of clients — including rental bond payments, sale deposits, and other funds received in the course of business. Mismanagement of these funds, even unintentionally, can trigger regulatory action, so it’s essential that trust funds are kept separate from operating accounts and properly documented at all times.

Our Trust Account Audit Process — From Financial Records to Final Report

Our audit process is designed to give agency principals, property managers, and business agents confidence that their trust account is fully compliant.

What Information Our Accountants Review

As part of the audit, our team will:

• Review your practices and procedures around handling trust money
• Examine trust account bank statements and reconciliation records
• Identify potential issues within your trust account records before they become compliance breaches
• Prepare and lodge the required statutory declaration where applicable

Once our review is complete, we issue a trust account audit report and, where required, a final audit report that satisfies your regulatory obligations. This report gives you the documentation you need to demonstrate compliance and, where necessary, supports your licence renewal.

Working with Qualified Accountants for Your Trust Account Audit

Kennedy Tax and Business Services is home to a qualified auditor and company auditor experienced in trust account work across the property industry. Our public accountants are members of CPA Australia, giving you the assurance that your audit is being handled by professionals held to a recognised industry standard.

We provide assurance to enhance the degree of confidence in the measurement and evaluation of your trust account against the relevant audit standards — helping you avoid the compliance risks that come with an incomplete or late audit.

A Simple Guide to Getting Started

If you’re unsure where to start, think of this as a straightforward guide to your obligations:

1. Confirm your audit period and deadline
2. Gather your trust account bank statements and financial records
3. Engage a qualified auditor to conduct the review
4. Receive your trust account audit report and final audit outcome
5. Lodge your statutory declaration and renew your licence with confidence

Get in Touch

For more information on how we can help with your real estate trust account audit, send us an email or contact us today to arrange a consultation at our Footscray or Williams Landing offices.