Expert Trust Account Audits: Stay Compliant & Secure
Trusted Trust Account Auditors for Real Estate Agents, Solicitors and Conveyancers Across Australia
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Managing client funds comes with serious legal obligations. Whether you are a real estate agent, solicitor, conveyancer, or accountant, your trust account must be audited regularly to stay compliant with Australian regulations.
At Number Solutions Tax & Accounting, we provide professional trust account audit services to businesses and licensed professionals across NSW, Victoria, Queensland, and the ACT. Our team understands the precise requirements of each state’s regulatory body, so you get an audit that is thorough, on time, and stress-free.
About Number Solutions: Your Trusted Trust Account Auditors in Australia
If you have been searching for a reliable, affordable trust account auditing firm that actually understands the rules in your state, you have come to the right place.
Number Solutions was founded in South West Sydney and has spent over five years building a reputation for accuracy, professionalism, and plain-English communication with clients. What started as a firm serving local businesses in Liverpool and the greater Sydney region has grown into a fully national audit and accounting practice.
Today, we provide trust account audit services across New South Wales, Victoria, Queensland, and the Australian Capital Territory, including major cities like Sydney, Melbourne, Brisbane, and Canberra, as well as regional areas. Our team is led by experienced, accredited professionals who keep current with all legislative changes at the state and federal levels.
We do not pass your file to a junior with no context. When you work with Number Solutions, you get senior-level attention, direct communication, and an audit that meets every requirement your regulator expects.
What Sets Us Apart
- Nationwide coverage with deep state-specific knowledge for NSW, VIC, QLD, and ACT
- Affordable and transparent pricing with no hidden fees
- Fast turnaround so you never miss an audit lodgement deadline
- Qualified auditors recognised by the relevant professional and regulatory bodies
- Ongoing compliance support beyond just delivering a report
- Digital-first process that allows secure file sharing from anywhere in Australia
- Industry-specific expertise across real estate, legal, accounting, and conveyancing sectors
- Proactive regulatory updates so you know about legislative changes before they affect your business
We also offer bookkeeping, taxation, and not-for-profit accounting services, which means your financial obligations are handled under one roof.
Trust Account Audit Service
ACT (Australian Capital Territory)
Who Needs a Trust Account Audit in Australia?
This is one of the most common questions we hear, and the answer depends on your profession and the state you operate in.
In general terms, any licensed professional or business in Australia that holds money on behalf of a client is required to maintain a statutory trust account. If your operations involve receiving, holding, or disbursing client funds, you almost certainly need an annual trust account audit.
Solicitors and Law Firms
Solicitors operating under the Legal Profession Uniform Law (LPUL), which applies in NSW and Victoria, must have their trust accounts examined annually by an approved external examiner. This obligation arises the moment a law practice first receives trust money.
Under Rule 66 of the Legal Profession Uniform General Rules 2015, law practices must formally notify their designated local regulatory authority of their appointed external examiner within 30 days of first receiving trust money. Any change of examiner must also be notified within the prescribed timeframes.
ParReal Estate Agents and Property Managers
Licensed real estate agents, property managers, and business brokers across Australia are required to audit their trust accounts in line with the regulations of their state. In NSW, this obligation falls under the Property and Stock Agents Act 2002 and is enforced by NSW Fair Trading. In Victoria, the relevant legislation is the Estate Agents Act 1980, overseen by Consumer Affairs Victoria.
If your agency holds rental bonds, sales deposits, or vendor proceeds in trust, your trust account records must be examined by a qualified auditor each year.
Conveyancers
Conveyancers handle significant client funds during property settlements. In NSW, the Conveyancers Licensing Act 2003 sets out the specific trust accounting obligations. Victoria has its own framework under the Conveyancers Act 2006. Annual trust account audits are mandatory, and the audit must be lodged with the relevant regulator within the prescribed period.
Accountants in Public Practice
Members of CPA Australia and the Institute of Chartered Accountants in Australia (ICAA) who hold client money in trust as part of their public practice are required to have their trust accounts audited under APS 10: Trust Accounts. This also extends to members acting as investment advisers who receive client funds.
Other Professionals Who May Need an Audit
- Mortgage brokers holding client funds under an Australian Financial Services Licence (AFSL)
- Financial planners managing controlled money accounts
- Licensed auctioneers and motor dealers in some states
- Strata managers and owners’ corporation managers
If you are unsure whether your practice requires a trust account audit, contact our team. We will give you a clear answer based on your profession, licence type, and state of operation.
What Does a Trust Account Auditor Actually Check?
A lot of professionals feel anxious before their trust account audit because they are not sure what the auditor is looking for. Understanding the process removes that uncertainty.
A trust account audit is not simply a tick-and-flick exercise. Auditors conduct a structured examination of your financial records against the requirements of the applicable legislation and the relevant Australian Auditing Standards (ASA), including ASAE 3000 and ASAE 3100 for compliance engagements.
Key Areas Examined During a Trust Account Audit
1. Trust Account Reconciliations
The auditor checks that your monthly trust account reconciliations are complete, accurate, and performed on time. This is a three-way reconciliation process: your trust ledger balance, your cash book, and your actual bank statement must all agree. Any discrepancy is a red flag and must be explained.
2. Receipts and Disbursements
Every receipt into the trust account and every payment out is reviewed. The auditor confirms that funds were received and disbursed for their stated purpose, that payments were authorised, and that no funds were drawn before they had been cleared.
3. Client Ledgers and Trial Balances
Individual client ledgers are examined to ensure that each client’s funds are accurately recorded and that no client’s account is in debit. Monthly trust account trial balances are reviewed to check that the total of all client ledger balances equals the trust bank account balance.
4. Electronic Fund Transfer Records
With most trust transactions now conducted digitally, auditors pay close attention to EFT records. Every electronic movement of funds needs to be properly documented, authorised, and reconciled.
5. Deposit and Receipt Books
Even where digital systems are used, the auditor may review deposit records and receipt books to confirm that all incoming funds were properly receipted and recorded on the day of receipt.
6. Cash Book and Journal Entries
The cash book is reviewed to ensure day-to-day receipts and payments are recorded correctly. Journal entries are examined for any unusual adjustments that could indicate errors or irregularities.
7. Internal Controls Review
Auditors assess whether your internal controls are sufficient to prevent and detect errors, fraud, and mismanagement of client money. This includes reviewing who has authorisation to access and operate the trust account, whether dual signatories are required, and whether software controls are in place.
8. Compliance with Relevant Legislation
The overall audit concludes with the auditor forming an opinion on whether the trust account has been maintained in accordance with the applicable legislation and professional standards. The result is either an unqualified audit opinion (compliant) or a qualified opinion (where issues are identified that need to be reported to the regulator).
How to Choose the Right Trust Account Auditors in NSW, VIC, QLD, and ACT
Choosing the wrong auditor can cost you time, money, and potentially your licence. Here is what to look for when selecting a qualified trust account auditor in Australia.
1. State-Specific Regulatory Knowledge
Trust account obligations are not uniform across Australia. The rules in NSW differ from those in Queensland, which differ again from Victoria. Your auditor needs to understand the specific framework that applies to your profession and state. For example:
- In NSW, real estate trust account audits are lodged through the NSW Fair Trading portal and must reference the Property and Stock Agents Regulation 2022
- In Victoria, estate agents lodge their audit reports via the myCAV portal under Consumer Affairs Victoria
- In Queensland, audit obligations for real estate agents fall under the Property Occupations Act 2014, administered by the Office of Fair Trading (OFT)
- In the ACT, legal practitioners must comply with standards set by the ACT Law Society and the ACT Legal Profession Act 2006
2. Proper Professional Accreditation
A trust account auditor must hold the appropriate qualifications for the type of audit being conducted. This typically means:
- Membership with CPA Australia or Chartered Accountants ANZ (CA ANZ), with a current Certificate of Public Practice
- Registration as an Approved Auditor under the relevant state legislation
- For solicitor trust accounts in some states, recognition by the relevant Law Society as an approved external examiner
Never use an auditor who cannot confirm their registration and qualifications in writing.
3. Proven Experience in Your Industry Sector
An auditor who has experience solely in company audits may not be the right fit for a real estate trust audit. The structure of trust accounts, the reconciliation process, and the legislative framework each profession operates under are all different.
Look for an auditor who regularly works with clients in your industry and who understands your trust accounting software, whether that is PropertyMe, Console Cloud, Rex Software, or a similar platform.
4. Clear Communication and Ongoing Support
A good auditor does not just send you a report and disappear. They explain the findings clearly, let you know if anything needs attention before you lodge, and are available to answer questions throughout the audit process.
At Number Solutions, we include practical guidance as part of every audit engagement. If we identify a potential issue, we tell you about it before it becomes a problem with your regulator.
5. Independence Requirements
Your auditor must be completely independent from your practice. Under most state-based trust account legislation and professional accounting standards, an auditor is disqualified if they:
- Have been an employee or partner of your firm within the past two years
- Hold any material financial interest in your business
- Have any relationship that could compromise, or appear to compromise, their objectivity
This is why your regular bookkeeper or in-house accountant cannot conduct your trust account audit. The examination must be carried out by an independent, qualified external auditor.
Trust Account Audit Deadlines by State: NSW, VIC, QLD and ACT (2025-26)
Missing your trust account audit deadline can result in fines, regulatory notices, and even suspension of your licence. The table below outlines the key lodgement deadlines for the 2025-26 audit period.
State / Territory | Profession | Audit Period | Lodgement Deadline |
NSW | Real Estate Agents | 1 Oct 2024 to 30 Sep 2025 | 31 October 2025 |
NSW | Conveyancers | 1 Oct 2024 to 30 Sep 2025 | 31 October 2025 |
NSW | Solicitors (LPUL) | Year ended 31 March 2025 | 31 May 2025 |
VIC | Estate Agents | Year ended 30 Sep 2025 | 30 November 2025 |
VIC | Conveyancers | Year ended 30 Sep 2025 | 30 November 2025 |
VIC | Solicitors (LPUL) | Year ended 31 March 2025 | 31 May 2025 |
QLD | Real Estate Agents | Financial year / set period | Within 3 months of the audit period end |
QLD | Solicitors | Year ended 31 March 2025 | 31 May 2025 |
ACT | Solicitors | Year ended 31 March 2025 | 31 May 2025 |
Accountants | CPA / CA ANZ Members | Financial year | 31 March (90-day grace per ICAA) |
Important: Deadlines can vary based on your specific licence conditions, audit period start date, and any changes made by your state regulator. Always confirm your exact lodgement deadline with the relevant authority or with your auditor.
What Happens if You Miss the Deadline?
Late lodgement of a trust account audit report does not go unnoticed. NSW Fair Trading and Consumer Affairs Victoria actively monitor lodgement records. If you anticipate a delay, you must contact your regulator before the deadline to explain the circumstances. In most cases, unexplained late lodgement leads to a formal reminder notice, and repeat offenders may face fines or further regulatory action.
Number Solutions tracks all upcoming audit deadlines for our clients. We send reminders well in advance and work to a structured timeline that ensures your report is completed and lodged with time to spare.
Penalties for Trust Account Non-Compliance in NSW, VIC, QLD and ACT
The penalties for trust account breaches in Australia are serious. They are designed to protect the public from misappropriation of client funds, and regulators across all states have shown a clear willingness to enforce them.
Financial Penalties
State | Penalty Type | Approximate Penalty |
NSW | Individual breach under the Property and Stock Agents Act 2002 | Up to $11,000 per offence |
NSW | Corporate/licence holder breach | Up to $22,000 per offence |
VIC | Estate Agents Act 1980 breach | Up to $9,652 (10 penalty units) per offence |
QLD | Property Occupations Act 2014 breach | Up to $13,345 per offence |
All States | Solicitor / legal practitioner breach | Disciplinary proceedings, repayment order, fines |
NSW Fair Trading issued 79 financial penalties totalling over $114,000 in trust account-related breaches in the first half of 2024-25 alone. These were primarily for failures in reconciliation, late audit lodgement, and inadequate record-keeping.
Licence Suspension and Cancellation
Beyond financial penalties, persistent or serious trust account breaches can result in the suspension or permanent cancellation of your real estate, conveyancing, or legal practising licence. For a business built on that licence, this is the most serious consequence of non-compliance.
Qualified Audit Opinions and Regulator Notifications
If your auditor identifies a breach or deficiency during the audit, they are required in most states to notify the relevant regulatory body directly. This includes shortfalls in the trust account, unauthorised disbursements, failure to reconcile, and record-keeping deficiencies.
Receiving a qualified audit opinion is not automatically the end of your licence, but it does trigger a regulatory review process. The regulator will expect to see evidence that the issue has been identified, explained, and corrected.
If your audit has returned a qualified finding, or if you know there are issues in your trust account before your audit is due, contact Number Solutions as early as possible. We can help you understand what corrective action is required and guide you through the process of bringing your records into order before the formal audit takes place.
Common Reasons Audits Fail
- Trust account reconciliations are not completed monthly
- Payments made from the trust before the funds have cleared
- Client ledger balances do not agree with the trust bank statement
- Records not retained for the required minimum period (generally five to seven years, depending on the state)
- Unauthorised access to the trust account
- Failure to notify the regulator of a shortfall within the prescribed time
Ready to get your trust account audit sorted before the deadline hits?
Book your FREE 30-minute consultation today, and we will confirm your lodgement date, what records you need, and the fastest way to get your audit completed and lodged on time.
Why Choose Number Solutions for Your Trust Account Auditing
There are many accounting firms in Australia that offer trust account audits. Here is why professionals across NSW, Victoria, Queensland, and the ACT choose Number Solutions.
We Specialise in Trust Account Audits
Trust account auditing is not a side service for us. It is one of our core areas of expertise. Our auditors work with solicitors, real estate agents, conveyancers, and accountants every year, which means we understand the specific requirements of each profession and each state regulator.
We stay up to date with the latest changes to the Property and Stock Agents Act 2002, the Legal Profession Uniform Law, the Estate Agents Act 1980, the Conveyancers Act 2006, and the relevant regulations in Queensland and the ACT. You do not have to keep track of legislative changes. We do that for you.
Affordable Pricing, No Surprises
We believe that trust account compliance should be accessible to every licensed professional, not just large firms. We offer competitive, transparent pricing based on the size of your practice and the volume of transactions involved. There are no hidden charges and no unexpected invoices.
We Cover All of Australia
Our team works with clients in Sydney, Melbourne, Brisbane, Canberra, and regional areas across all four target states. Our secure, digital-first process means location is not a barrier. Files are shared securely online, communication happens through your preferred channel, and the completed audit report is delivered to you in the format your regulator requires.
Ongoing Support That Goes Beyond the Report
When we complete your trust account audit, we do not simply hand you a document and move on. We provide:
- Clear explanation of findings and what they mean for your practice
- Practical recommendations for improving your internal controls and record keeping
- Staff training on trust account procedures, if required
- Alerts when your next audit period is approaching
- Guidance on any changes to legislation that affect your obligations
Trusted by Clients Across Australia
Number Solutions has built its reputation over five years of consistent, reliable service. Our clients return to us year after year because they know we understand their industry, we communicate clearly, and we get the job done on time.
If you are looking for a trust account auditor in Sydney, Melbourne, Brisbane, or Canberra, or anywhere else in Australia, we are ready to help.
FAQs
Do real estate agents need a trust account audit every year?
Yes. Real estate agents who hold a trust account are required to have it audited annually under the relevant property services legislation in each Australian state. In NSW, this is required under the Property and Stock Agents Act 2002. In Victoria, it is required under the Estate Agents Act 1980. The audit must be completed by an independent, qualified auditor and lodged with the relevant regulator within the prescribed deadline each year.
Is trust account auditing mandatory in Australia?
Yes, trust account auditing is mandatory for most professionals who hold client money in a statutory trust account. This includes solicitors, real estate agents, conveyancers, accountants in public practice, and certain financial service providers. The obligation arises under both state-based legislation and professional body standards, such as APS 10 for accountants. Failing to arrange an annual audit is itself a breach that can attract financial penalties and regulatory action.
How much does a trust account audit cost in Australia?
The cost of a trust account audit in Australia depends on the size of your practice, the volume of transactions in the trust account, and the complexity of the audit. For small practices with low transaction volumes, audit fees typically range from $440 to $880. Larger firms or those with a high volume of client transactions may pay more. At Number Solutions, we provide upfront, fixed-fee pricing based on your individual circumstances so you always know the cost before we begin.
Where can I find the best trust account auditors in Sydney, Melbourne, and Brisbane?
When selecting a trust account auditor in Sydney, Melbourne, or Brisbane, the most important factors are their registration and qualifications, their experience in your specific industry sector, and their knowledge of the state-specific regulatory requirements. Look for a firm that holds a current Certificate of Public Practice, has experience with your type of trust account, and can confirm they are recognised by your state regulator as an approved auditor. Number Solutions provides trust account audit services across all three cities and the wider ACT region, with a proven track record in real estate, legal, and accounting trust audits.
What happens if a trust account audit fails?
If your trust account audit returns a qualified opinion, the auditor is generally required to notify your state regulator. The regulator will then review the nature of the breach and the corrective action taken. Consequences can range from a formal notice requiring explanation and rectification, to financial penalties, to licence suspension in serious or repeated cases. If your audit identifies issues, the most important step is to act quickly. Contact your auditor and your regulator as soon as possible, document the corrective action you are taking, and engage a professional to help you address the underlying cause of the breach.
What records are needed for a trust account audit?
The records required for a trust account audit in Australia typically include:
- Monthly trust account reconciliation statements (three-way reconciliation)
- Trust account bank statements for the full audit period
- Client ledger records showing individual client balances
- Monthly trust account trial balances
- Deposit and receipt records (paper or digital)
- Electronic fund transfer records for all digital transactions
- Cash book records showing daily receipts and payments
- Cheque books or equivalent records for any cheque payments
- Trust account journals showing all adjusting entries
- Authorisation records for all disbursements from the trust
