Expert Trust Account Audits: Stay Compliant & Secure
Professional Trust Account Audits That Keep You Compliant, Secure & Ahead.
Looking for reliable and affordable trust account auditing across Australia? At Number Solutions, we specialise in professional trust account audits for solicitors, real estate agents, accountants, and conveyancers.
Whether it’s a solicitor trust audit, a conveyancer trust account review, or an estate agent trust account check, our experienced team ensures your records are compliant, accurate, and audit-ready—no stress, no surprises.
Let us help you stay on top of your obligations with ease and confidence.
Professional and Reliable Trust Fund Auditing Services
Trust fund compliance requirements vary across Australia, and it is crucial for professionals handling client funds to comply with the specific regulations of their respective states in Australia.
Number Solutions offers comprehensive trust account audit services nationwide, ensuring full compliance with the relevant state-specific rules and regulations.
Regulatory Trust Account Audit Overview:
Category | Solicitors | Real Estate Agents & Business Brokers | Accountants |
Who Needs It | Must audit trust accounts under state-specific legal requirements. | Required to audit trust accounts as per industry regulations. | Must audit if managing client funds. |
Governing Rules | Follows the Legal Profession Uniform Law and related regulations. | Follows rules set by real estate industry regulators. | Audits follow guidelines from professional accounting bodies. |
Audit Deadline | Due by 31st May each year. | Due by 30th September, or within 3 months of a set audit period. | Due by 31st March, with a 90-day grace or ICAA-specified deadline. |
Trust account audit requirements can vary depending on your profession and state regulations. Understanding these key deadlines and legal frameworks helps ensure you stay compliant and avoid unnecessary penalties.
Trust Account Audit Process in Australia
Trust account audits are highly specialised processes that require a comprehensive understanding of the legislation, guidelines, and professional standards that govern trust accounts across Australia.
Whether you’re operating in NSW, VIC, QLD, WA, or any other state or territory, compliance with these regulations is critical to maintaining transparency, avoiding penalties, and protecting client funds.
We follow a thorough and structured audit process to ensure your trust account meets all compliance obligations and stands up to scrutiny.
Records Needed for Trust Account Auditing
Trust account audits in Australia require meticulous record-keeping to ensure compliance with the strict regulations that govern various industries—whether you’re in legal, real estate, finance, or any other profession handling client funds.
Below, we outline the essential records required for a smooth and successful trust account audit, no matter where you’re located in Australia.
1. Trust Account Statements: The foundation of any trust account audit, these statements provide a complete picture of all financial transactions involving client monies. Auditors carefully examine them to verify the accuracy and integrity of the trust account.
2. Deposit and Receipt Books: These books contain crucial details about client funds entering and leaving the trust account. They include dates, amounts, payers, payees, and purpose, providing a clear audit trail.
3. Details of Electronic Fund Transfers: With digital transactions now the norm, maintaining detailed records of EFTs is vital. Auditors rely on this information to ensure that all electronic movements of funds are properly recorded and reconciled.
4. Cheque Butts: If cheque payments are involved, auditors require access to cheque butts, which contain essential information about payments, including payees, amounts, and dates.
5. Cash Book: Whether you use a manual or computerised system, a cash book outlines your daily receipt and payment transactions. This day-to-day financial snapshot helps auditors understand your routine trust account activity.
6. Monthly Trust Reconciliations: These reports help align your internal trust ledger with your actual bank statements. Any discrepancies can be quickly identified and resolved—making reconciliations a cornerstone of a compliant audit.
7. Trust Account Journals and Client Ledgers: These records provide a detailed view of each client’s transactions. Auditors use them to confirm the legitimacy and accuracy of every entry and to ensure client funds are handled correctly.
8. Monthly Trust Account Trial Balances: Trial balances act as internal checkpoints, ensuring the trust account’s financial status remains balanced. They help flag overdrafts or any unusual activity before they become bigger issues.
Nationwide Compliance, Local Expertise
Maintaining thorough and timely records not only ensures compliance with Australian trust account regulations but also builds confidence among clients and regulators alike.
At Number Solutions, we offer expert trust account audit services across Australia. Our experienced team understands the nuances of state-specific regulations and national standards, ensuring your audit is conducted with precision and minimal disruption.
Trust account audits, when handled with care and expertise, aren’t just a legal requirement—they’re a chance to reinforce integrity, transparency, and trust in your professional relationships.
How we can Help with Trust Account Auditing
At Number Solutions, we specialise in trust account audits and offer a comprehensive range of services to support professionals and businesses across all Australian states and territories. Our team consists of experienced auditors who understand the regulatory requirements and best practices associated with trust accounts—no matter your location or industry.
Here’s how we can assist:
#1. Expert Guidance
Gain access to expert advice from professionals with deep knowledge of trust account regulations across Australia. We provide clear, practical support tailored to your profession and jurisdiction.
#2. Problem Resolution
Encountering issues with your trust account? We’re here to help identify and resolve them promptly, ensuring your operations remain compliant and stress-free.
#3. Staff Training
We offer tailored training for your team on trust account procedures and compliance obligations, helping to build internal capability and reduce future risk.
#4. Regulatory Updates
Stay ahead of changes in trust account legislation, guidelines, and best practices across Australia. We ensure you’re informed and ready to adapt to evolving compliance requirements.
Trust account audits are not just a legal necessity—they’re an opportunity to reinforce your business’s commitment to transparency, client trust, and sound financial management.
Choose Number Solutions as your trusted audit partner for professional, reliable, and Australia-wide service.
Why Trust Account Audits Matter
Trust account audits are more than just a compliance requirement—they are an essential safeguard for professionals and businesses across Australia who manage client funds. From legal firms and real estate agencies to financial service providers, maintaining transparent and compliant trust accounts reinforces ethical conduct, builds client confidence, and protects your professional reputation.
Below are the major benefits of conducting regular trust account audits:
National Regulatory Compliance
Trust account audits are a legal obligation under various state and federal regulations, depending on your profession. Solicitors, conveyancers, real estate agents, and certain financial service providers must adhere to industry-specific rules. Regular audits help you stay compliant, avoid penalties, and meet reporting deadlines with ease.
Financial Transparency & Accountability
Audits create a clear and traceable record of all transactions involving client money. This transparency not only reassures regulators and clients, but also helps ensure that funds are managed ethically and used solely for their intended purposes.
Early Detection of Errors and Irregularities
Trust account audits can uncover discrepancies, unauthorised transactions, or errors before they escalate. This early detection allows for timely corrections and significantly reduces the risk of fraud or financial mismanagement.
Boosted Client Confidence
When clients see that you consistently audit and maintain your trust accounts, it builds trust and reassures them that their funds are in safe, capable hands. This transparency can lead to stronger, long-lasting client relationships.
Stronger Business Reputation
Professionals who proactively manage their compliance responsibilities often gain a reputation for integrity and reliability. This ethical standing can set you apart in a competitive market and attract more clients who value financial responsibility.
Operational Efficiency and Process Improvement
Through the audit process, auditors often identify areas where financial systems and internal controls can be improved. These recommendations can help streamline your processes, minimise errors, and increase efficiency in managing client accounts.
Risk Reduction and Legal Protection
Regular audits act as a safeguard against legal and reputational damage. By demonstrating due diligence in managing client funds, you reduce the likelihood of facing legal disputes, regulatory actions, or reputational harm.
Adherence to Industry Best Practices
Audits ensure your trust account management aligns with national and state guidelines, as well as industry-specific standards. This not only reduces the risk of non-compliance but also reinforces best practice in daily operations.
Peace of Mind for You and Your Team
Knowing your trust accounts are compliant and accurately maintained provides peace of mind. It allows you and your team to focus on your core business, rather than worrying about potential compliance issues or financial irregularities.
Long-Term Sustainability & Business Growth
Trust account audits are an investment in your business’s future. By maintaining strong compliance and sound financial management, you position your practice for sustainable growth, better risk management, and increased client loyalty.
How to Choose the Right Trust Account Auditors in NSW, VIC, QLD, and ACT
Selecting a qualified and experienced trust account auditor is crucial to ensuring your compliance with state-specific regulations and protecting your professional reputation. Whether you’re a solicitor, real estate agent, conveyancer, or accountant, the right auditor will not only help you meet your legal obligations but also add value to your practice.
Here’s what to look for when choosing a trust account auditor across Australia’s key regions:
1. State-Specific Knowledge
Each state and territory has its own set of rules and regulatory bodies governing trust accounts. For example:
- In NSW, the Office of the Legal Services Commissioner (OLSC) and Fair Trading NSW have clear guidelines.
- In VIC, the Victorian Legal Services Board and Consumer Affairs Victoria outline specific requirements.
- In QLD, compliance is overseen by the Queensland Law Society or the Office of Fair Trading, depending on your industry.
- In the ACT, legal practitioners must comply with standards set by the ACT Law Society.
Choose an auditor who is familiar with the specific trust account regulations in your state to ensure accurate compliance.
2. Professional Accreditation & Licensing
Always verify that the auditor is a registered CPA, CA, or qualified external examiner authorised to conduct trust account audits in your industry and state. Legal professionals, in particular, should ensure their auditor is recognised by their state’s legal regulatory body.
3. Industry Experience
Different professions have unique trust account structures and audit needs. An auditor with direct experience auditing law firms, real estate agencies, conveyancers, or financial service providers will understand the nuances of your sector and offer better insights and solutions.
4. Strong Communication & Support
A good auditor should do more than just tick boxes. Look for someone who explains the process clearly, keeps you informed throughout the audit, and offers practical advice on maintaining compliance going forward. Ongoing support is a big plus, especially if your business is growing or your operations are changing.
5. Need Help Finding the Right Auditor?
At Number Solutions, we provide trust account auditing services across NSW, VIC, QLD, and ACT, tailored to meet your industry and state-specific requirements. With a team of experienced, accredited professionals, we make the audit process simple, compliant, and stress-free—no matter where you’re located in Australia.
Contact us today at info@numbersolutions.com.au or call 02 9174 5327 for a no-obligation consultation.
Why Choose Number Solutions for Your Trust Account Auditing
When it comes to trust account audits, choosing the right partner can make all the difference. At Number Solutions, we take pride in offering a service that goes beyond ticking boxes. We’re here to support your compliance, simplify your audit process, and give you peace of mind — all while offering unbeatable value. Here’s why professionals across Australia trust us with their trust account auditing needs:
» Industry-Specific Expertise
We understand that no two industries are the same — and neither are their trust account requirements. Our auditors specialise in:
- Solicitors’ Trust Accounts
- Accountants’ Trust Accounts
- Real Estate Trust Accounts
With in-depth knowledge of the regulations and audit requirements for each profession, we ensure that your audit is accurate, compliant, and tailored to your unique obligations.
» Experienced & Professional Team
Our team of qualified auditors brings years of experience in trust account auditing across NSW, VIC, QLD, and ACT. We stay up to date with the latest legislative changes, so you don’t have to. Whether you’re a small practice or a larger organisation, you can rely on our professionalism, discretion, and attention to detail.
» Affordable & Transparent Pricing
We believe compliance shouldn’t come with a hefty price tag. That’s why we offer affordable audit services with no hidden fees. We provide clear, upfront pricing tailored to your business size and industry, ensuring great value without compromising on quality.
» Reliable & Trusted Service
Our clients return to us year after year because they know we’re dependable. We value long-term relationships and pride ourselves on our prompt communication, reliable timelines, and supportive guidance throughout the audit process.
» Fully Compliant & Regulation-Focused
From the Legal Profession Uniform Law (NSW & VIC) to Real Estate and Accounting Trust Regulations, we ensure every audit is carried out in line with the relevant state and industry standards. Our audits are conducted with precision and submitted on time to the appropriate authorities.
» Holistic Support Beyond the Audit
We don’t just deliver a report — we help you understand it. We provide:
- Actionable recommendations
- Ongoing compliance support
- Staff training and process improvements
Whether you need help tightening internal controls or staying ahead of regulatory changes, we’re here to assist.
» Servicing Across Australia
No matter where you’re based — Sydney, Melbourne, Brisbane, Canberra or regional towns — we can support your trust account auditing needs. Our digital-first approach allows for seamless collaboration, secure file sharing, and efficient service delivery, Australia-wide.
Your Compliance, Our Commitment
Trust account audits are more than just a legal requirement — they are essential for maintaining transparency, building client confidence, and ensuring your business remains compliant with industry regulations.
At Number Solutions, we combine experience, industry-specific knowledge, and reliable service to deliver audits you can count on. Whether you’re a solicitor, accountant, or real estate professional, we’re here to make the audit process smooth, affordable, and stress-free.
Partner with us for peace of mind and professional support every step of the way.
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