Number Solutions

EOFY Trust Fund Brush-up: A Quality Audit Matters

As the financial year ends on June 30th, this is your final opportunity to review your trust fund recordkeeping management for a quality audit process. The following areas must be checked at the end of your closure.

Last-Minute Review Process:

  • Reconcile Transactions: Ensure all transactions, especially long outstanding items, match your bank statements and resolve any discrepancies to maintain accurate records. This is an important step for identifying and correcting any errors before the audit begins.
  • Organise Documentation: Compile and systematically organise all relevant financial documents, including receipts, payments, invoices, and transaction records. Having well-organized documentation will facilitate a smoother and quicker audit process.
  • Review Compliance: Verify that all trust account activities comply with NSW Fair Trading regulations: Property and Stock Agents Regulation 2022 – NSW Legislation and and industry standards. Ensuring compliance helps avoid potential legal issues and penalties.
  • Confirm Trust Account Ledgers: Verify and update all balances to ensure they are accurate and up-to-date to balance vendor ledger, trust ledger, and cash book. Communicate with clients as necessary to confirm their balances.
  • Communicate with Your Auditor: Schedule meetings with your auditor to discuss any potential issues or questions. Provide preliminary information that might affect the audit process to help them prepare effectively.
  • Staff Briefing: Brief your team on the audit process and assign specific responsibilities to ensure everyone is prepared and can provide necessary support during the audit.
  • Review Pending Issues: Identify and address any unresolved issues that could affect the audit. Keeping a record of these matters helps ensure they are discussed and resolved during the audit process.


For more information ‘Auditor’s frequently asked questions, please refer to Microsoft Word – 2022_06. Final_Auditors FAQ_6.6.22 (

Key Dates from NSW Fair Trading

It is essential to be aware of the key dates set by NSW Fair Trading for trust fund audits. Trust account audits must be completed and submitted to NSW Fair Trading within three months after the end of the financial year. For the financial year ending on June 30, 2024, the audit report must be submitted by September 30, 2024. Adhering to these deadlines is crucial for compliance and avoiding any potential penalties.

 For more information, please refer to; Trust account auditors | NSW Fair Trading

best tips for Finding Trust Account Auditors

Importance of Engaging a Quality Auditor

  • Expertise: Quality auditors are well-versed in the latest regulations and standards, ensuring your trust account meets all compliance requirements. Their industry insights help identify potential risks and areas for improvement.
  • Accuracy: Quality auditors conduct thorough and meticulous examinations of your financial records, ensuring that all transactions are accurately recorded and reported. Their expertise helps detect errors or discrepancies, ensuring the reliability of your financial statements.
  • Risk Management: Auditors can identify weaknesses in your internal controls and processes, providing recommendations to strengthen them and reduce the risk of fraud or errors. By highlighting potential risks, auditors enable you to take preventive measures to safeguard your financial health.
  • Credibility: An audit conducted by a reputable auditor enhances your credibility with clients, stakeholders, and regulatory bodies. Transparent and accurate financial reporting builds trust with your clients and stakeholders, fostering long-term relationships.
  • Peace of Mind: Knowing that your financial records have been thoroughly reviewed by a trusted auditor gives you confidence in the health and integrity of your finances. Engaging with a quality auditor reduces the stress and burden of the audit process, allowing you to focus on other important aspects of your business.


Proper preparation and engaging a quality auditor ensure a smooth trust fund audit process, enhancing your financial management and compliance. At Number Solutions Tax & Accounting, we are committed to helping you achieve your financial goals with confidence. For any questions or further assistance, please contact us on 02 9174 5327 or

Related Articles: