Service
Real Estate Trust Account Audits in Victoria
Get your agency's trust account audit done in Victoria, from the first list of records to the signed audit report.
Victoria at a glance
- Audit covers
- 1 July to 30 June
- Audit due
- 30 September
- Report lodged by
- The agency, through myCAV, within 10 business days of receiving the report
More about Victoria's rules
- Regulator
- Consumer Affairs Victoria
- Audit period
- The audit covers 1 July to 30 June each year.
- When it is due
- The audit must be done within three months after 30 June, which is by 30 September. The agency then has 10 business days from receiving the audit report to lodge a copy.
- Lodging the report
- The agency lodges a copy of the audit report with Consumer Affairs Victoria through myCAV. The auditor uses the audit report form approved by the Director, Consumer Affairs Victoria.
Fixed fee
$800 + GST per trust account
- A planning meeting before the audit, to agree the timetable and what we need
- A review of your trust account practices and procedures
- The audit of your trust records, with any problems flagged
- The signed audit report in the form your regulator requires
- A walkthrough of what we found, with practical fixes
For a trust account with more than 300 properties under management or more than 100 sales in the year, we agree a fixed quote with you before we start. If we find something that needs extra work, such as missing records, reconciliations to catch up or a suspected irregularity, we stop, explain it and agree the cost with you before going on.
Also available on request, for a separate fee: staff training on trust accounting, support through the year and updates when trust account rules change.
Get a quoteOur work
What we handle
- Money in and out Receipts and payments, and whether money was banked promptly
- Balancing the account Monthly reconciliations of the bank account against the trust records
- Client balances Client ledgers, including any that went into debit
- Payment authority The authority behind payments out of trust
- Everyday controls How your procedures and controls work in practice
Why OziDesktop
Why work with us
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We work to the trust account rules in Victoria and know what the regulator asks for in the audit report.
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We audit real estate agency trust accounts in Victoria, New South Wales, Queensland, Tasmania and the Australian Capital Territory, and the work can be done remotely.
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Your fee is agreed with you before we start.
How it works
Engagement
We confirm the audit period, your trust accounts and the reporting form, and agree a timetable that works back from the due date.
Audit fieldwork
We test transactions and reconciliations, and raise questions while there is still time to resolve them.
Report and follow-up
We issue the signed audit report and go through what we found with you. In Victoria the agency lodges the report through myCAV, within 10 business days of receiving it.
What we need from you
- Trust bank statements for the whole audit period
- Receipt and payment records, including electronic transfers and how bonds and deposits were handled
- Client ledgers for landlords, tenants, vendors and purchasers, and the trust cash book or journal
- Monthly reconciliations and trial balances
- Access to your trust accounting software, or reports from it
- Details of every trust account the agency operated, opened or closed during the period
- Access to the licensee and the staff who manage the trust account
FAQs
Common questions
Does a trust account that held no money need an audit in Victoria?
A trust account that did not hold or manage trust funds at all during the audit period does not need an audit. The agency must still confirm this through its myCAV account.
Who can audit our trust account in Victoria?
The audit must be done by an approved auditor: a practising public accountant who is a member of CPA Australia, the Institute of Public Accountants or the Institute of Chartered Accountants in Australia.
When does the auditor report to Consumer Affairs Victoria directly?
The auditor must report to Consumer Affairs Victoria in writing if they find matters such as a loss or deficiency of trust money, dishonesty or a failure to comply with the Act.
Can we change our audit date in Victoria?
An agency can apply to Consumer Affairs Victoria to move its audit date from 30 June. The new date cannot be more than 12 months after the previous auditor's report.
How much does a trust account audit cost in Victoria?
$800 + GST per trust account. For a trust account with more than 300 properties under management or more than 100 sales in the year, we agree a fixed quote with you before we start. If we find something that needs extra work, such as missing records, reconciliations to catch up or a suspected irregularity, we stop, explain it and agree the cost with you before going on.
Need something outside this scope?
Every business is different. If you need additional accounting, bookkeeping, advisory or specialist work, we'll explain what's required and agree the scope with you before proceeding.
Talk to an accountant about your business
- Fixed fees, agreed upfront
- We contact your old accountant
- Free discovery call