Accountant's Trust Account Audit QLD
Removed from the Trust Accounts Act Doesn’t Mean Removed from Compliance. Your APES 310 Obligation Is Very Much Still Active.
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If your accounting practice in Queensland holds or receives money on behalf of clients, you are responsible for ensuring that those funds are properly managed, properly recorded, and properly audited.
The rules governing accountant trust accounts in Queensland changed significantly from 1 April 2024. Under the Justice and Other Legislation Amendment Act 2023, public accountants were removed from the scope of the Trust Accounts Act 1973. However, this does not mean your audit obligations have disappeared.
All members of CPA Australia and Chartered Accountants ANZ who deal with client monies are still legally required to comply with APES 310 Client Monies, which carries its own mandatory annual assurance engagement requirements. Misunderstanding this change is one of the most common compliance risks facing Queensland accounting practices right now.
At Number Solutions Tax & Accounting, we understand exactly what the new framework requires and provide expert accountant trust account audits across all of Queensland, including Brisbane, the Gold Coast, Sunshine Coast, Toowoomba, Rockhampton, and Cairns.
Time and Deadline for Submitting Your Accountant's Trust Account Audit QLD
Understanding the Post-April 2024 Framework
The 2023-24 financial period (1 April 2023 to 31 March 2024) was the final year that an independent auditor’s report was required to be lodged with the Queensland Department of Justice and Attorney-General under the Trust Accounts Act 1973.
From 1 April 2024 onwards, Queensland public accountants no longer need to:
- Submit notifications of new trust accounts to the Department of Justice
- Advise the Department about auditor appointments
- Lodge independent auditor reports with the Department
- Submit written statements for the highest amount held in trust
- Lodge a financial security with the Department
But Your Audit Obligation Has Not Gone Away
Under APES 310 Client Monies (revised October 2024, effective for engagements commencing on or after 1 April 2025), members in public practice who deal with client monies must:
- Appoint an auditor of client monies
- Ensure that an annual assurance engagement is performed within three months of the applicable year-end date
- Notify their professional body (CPA Australia or CA ANZ) of the auditor’s membership details within 20 business days of appointment
- Notify their professional body within five business days of becoming aware of any deficiency in client monies
- Lodge any modified audit report with their professional body’s General Manager of Professional Conduct within 15 business days of completion
The reporting period under APES 310 aligns with the practice’s financial year. The key deadline is that the annual assurance engagement must be completed within three months of the year-end date.
Modified Reports Trigger Immediate Obligations
If your auditor issues a modified opinion, that report must be lodged with your professional body within 15 business days of completion. This is a non-negotiable obligation under APES 310, and failure to lodge is a breach of professional standards that can trigger a disciplinary referral.
We help Queensland accounting practices stay compliant and audit-ready with an affordable, independent APES 310 assurance engagement.
- Dedicated client monies audit for QLD accounting firms
- Fast turnaround before your three-month year-end deadline
- Clear, practical fixes explained in plain language
What Changed and What Stayed the Same After 1 April 2024
Many Queensland accountants are confused about what the 2024 legislative changes actually mean for them. Here is a clear breakdown:
Obligation | Before 1 April 2024 | From 1 April 2024 |
Annual independent audit required | Yes (Trust Accounts Act 1973) | Yes (APES 310) |
Lodge the audit report with the Department of Justice | Yes | No |
Notify the Department of Justice of the auditor | Yes | No |
Financial security lodgement | Yes | No |
Modified the report for the professional body | No | Yes (within 15 business days) |
Deficiency notification to the professional body | No | Yes (within 5 business days) |
The removal of government lodgement requirements does not reduce your audit obligation. It shifts the accountability framework from the Queensland Government directly to your professional body, which may have a closer and more immediate disciplinary reach over your licence to practise.
Why Choose Number Solutions for Your Accountant's Trust Account Audit in QLD
Accountants from Brisbane CBD to Fortitude Valley, Toowoomba to the Gold Coast Hinterland choose Number Solutions because we understand the full compliance picture, including the transition from the Trust Accounts Act 1973 to the APES 310 framework.
Deep Expertise in the Updated QLD Framework
We understand both the pre- and post-April 2024 obligations. Whether you need help with a transitional audit for the 2023-24 period or ongoing annual assurance engagements under APES 310, our team delivers audits that meet professional body requirements.
Professional and Qualified Auditors
Our auditors hold the qualifications required under APES 310 and have direct experience conducting assurance engagements over client monies accounts. You are not getting a generalist accountant. You are getting a specialist.
Affordable and Transparent Service
No hidden fees. We offer clear, upfront pricing for sole practitioners and multi-partner firms alike. Quality compliance does not have to come with a large price tag.
Clear, Jargon-Free Reports
After each engagement, you receive a straightforward assurance report that explains our findings, highlights any risks, and provides practical recommendations. If the report is unmodified, we will tell you clearly. If there are issues, we help you address them before the lodgement obligations are triggered.
Compliance Confidence Beyond the Report
Even after the audit is done, we remain available to help you address any findings, strengthen your internal controls, and prepare for your next annual engagement well before the deadline arrives.
Key Requirements Under APES 310 for Queensland Accounting Practices
Understanding your current obligations under APES 310 is essential for every Queensland accounting practice that handles client monies. Here is what you need to know:
- Annual Assurance Engagement: Every member in public practice who deals with client monies must have an annual assurance engagement performed by an appointed auditor. This must be completed within three months of the applicable year-end date.
- Auditor Appointment: You must appoint an independent, qualified auditor of client monies. The auditor must be notified to your professional body (CPA Australia or CA ANZ) within 20 business days of appointment.
- Auditor Independence: Your auditor of client monies must be genuinely independent. You cannot use the same firm or individual who manages your day-to-day accounting.
- Segregation of Client Monies: Under APES 310, all client monies must be held in a dedicated trust or client bank account, entirely separate from the practice’s own funds.
- Receipt and Disbursement Timeframes: Client funds must be received and disbursed within three business days of the relevant instruction or receipt. The auditor will specifically test compliance with this requirement.
- Record Keeping: All trust and client account records, ledgers, and reconciliations must be maintained accurately and be readily available for review during the assurance engagement.
- Deficiency Reporting: If a deficiency in client monies is identified at any point during the year, it must be reported to your professional body within five business days of becoming aware of it. This obligation applies whether or not the deficiency is discovered during the annual audit.
What Documents Your Auditor Will Need Access To
For a compliant APES 310 assurance engagement, you will typically need to provide:
- Client bank account or trust account bank statements for the full audit period
- All receipts and disbursement records for client monies
- Trust ledger or client account ledger entries
- Account reconciliation records for the audit period
- Evidence of client instructions authorising any transactions
- Any correspondence with your professional body relating to client monies or prior audits
We guide you through the document preparation process from the start so the engagement runs smoothly.
Not Sure Where You Stand After the 2024 Changes?
Many Queensland accounting practices are still unclear about exactly what APES 310 requires now that the Trust Accounts Act 1973 no longer applies. We are here to give you clear, practical answers.
We work with accounting practices across Brisbane, South East Queensland, Gold Coast, Sunshine Coast, Toowoomba, Rockhampton, Townsville, Cairns, and throughout regional Queensland.
FAQs
Yes. While public accountants were removed from the scope of the Queensland Trust Accounts Act 1973, effective 1 April 2024, the obligation to conduct an annual assurance engagement over client monies continues under APES 310 Client Monies. This is a mandatory professional standard enforced by CPA Australia and Chartered Accountants ANZ. Failing to comply with APES 310 is a breach of professional conduct and can trigger a disciplinary referral to your professional body.
The annual assurance engagement of your client monies account must be completed within three months of your applicable year-end date. If your practice year ends on 31 March, the engagement must be finalised by 30 June. If you operate on a different financial year-end, the three-month deadline applies from that date. Unlike the old Trust Accounts Act regime, reports are no longer lodged with the Queensland Department of Justice, but modified reports must be lodged with your professional body within 15 business days of completion.
Under the Trust Accounts Act 1973 (which applied until 31 March 2024), auditors assessed compliance against a prescribed 25-point schedule and lodged reports with the Queensland Department of Justice. Under APES 310, the auditor conducts an annual assurance engagement assessing whether you have complied with the APES 310 requirements, including correct segregation of funds, receipt and disbursement timeframes, and record keeping. The report is retained by the practice, and only modified opinions need to be lodged with your professional body. The standard was revised in October 2024 and applies to engagements commencing on or after 1 April 2025.
A modified opinion means your auditor found material non-compliance with the APES 310 requirements. When this occurs, your auditor is required to lodge the modified report with your professional body’s General Manager of Professional Conduct within 15 business days of completing the engagement. Your professional body may then commence a review or disciplinary process. This is why it is important to address any compliance weaknesses before your audit, not after. Our team helps you identify and resolve issues before the formal engagement begins.
Yes. We work with accounting practices across all of Queensland, including regional areas such as Rockhampton, Mackay, Townsville, Cairns, and Mount Isa, entirely remotely. You provide your records securely, and we conduct the full engagement without requiring an in-person visit. This makes our service accessible and cost-effective for practices located outside major metropolitan centres like Brisbane and the Gold Coast.
