Conveyancers Trust Account Audit VIC
Victorian Conveyancers Have a Seven-Week Window After 30 June to Get Their Trust Account Audit Done.
As a licensed conveyancer in Victoria, every dollar of client money you hold comes with a legal obligation. Whether you are operating from Melbourne’s CBD, managing settlements in Carlton and Fitzroy, or running a busy practice in Geelong, Ballarat, or Dandenong, the rules under the Conveyancers Act 2006 apply equally to every licensed conveyancer in the state.
One of the most critical of those obligations is the annual trust account audit. Your trust records must be audited by an approved auditor each financial year, unless there is prior agreement from the Director of Consumer Affairs Victoria.
Missing this obligation is not a minor administrative matter. If you don’t lodge your audit report within the required timeframe, you are committing an offence, which may result in a penalty of up to 120 penalty units.
At Number Solutions Tax & Accounting, we specialise in conveyancer trust account audits across all of Victoria. We know exactly what Consumer Affairs Victoria requires, how the myCAV lodgement system works, and how to deliver a fully compliant audit that protects your licence and your clients.
Time and Deadline for Submitting Your Conveyancers Trust Account Audit VIC
Annual Trust Account Audit
Your trust records must be audited by an approved auditor each financial year, unless there is prior agreement from the Director of Consumer Affairs Victoria. You must keep your trust accounts in a way that allows a proper and convenient audit.
The audit covers the full financial year from 1 July to 30 June.
Audit Report Submission Deadline
Conveyancers are required to procure their audit reports within seven weeks of 30 June, and to have lodged a copy of the audit report within 10 business days of receiving it from the auditor.
This means your auditor must complete the report by approximately 18 August, and you must lodge it with Consumer Affairs Victoria via the myCAV system within 10 business days of receiving it. Practically speaking, most compliant practices are lodged well before mid-September.
Lodgement via myCAV
You must lodge a copy of the audit report, the Independent Assurance Report to the Licensed Conveyancer, with the Director of Consumer Affairs Victoria via myCAV within 10 business days of receiving it from the auditor. All lodgements must be made through your personal myCAV account.
Trust Account Not Used During the Audit Period
If your trust account did not hold or manage trust funds for the entirety of the audit period, you are not required to have the account audited. However, you must still confirm this via your myCAV account.
There is one important exception. This section does not apply to a licensee in respect of an audit period in which the only trust money received by the licensee is transit money. If you received transit money only, no audit is required for that period.
Final Audit When Ceasing Business
Under the Conveyancers Act 2006, a final audit of trust records is required when you cease operating as a licensed conveyancer. This must be completed promptly after ceasing business, and the report lodged with Consumer Affairs Victoria through myCAV.
Record Retention
You must keep records for at least 7 years in a permanent form. This applies to all trust account records, audit reports, and related documentation, regardless of whether the practice is still operating.
We help Victorian conveyancers stay compliant and audit-ready with an affordable, independent trust account audit.
- Dedicated trust account audit for VIC conveyancing practices
- Fast turnaround within the seven-week post-30 June window
- Clear, practical fixes explained in plain language
What Happens If Irregularities Are Found During Your Audit
Your auditor has mandatory reporting obligations that go beyond simply completing the report. During the audit, the auditor must report to the Director of Consumer Affairs Victoria as soon as practicable if they become aware of any deficiency in any trust account or trust ledger account, failure to pay or deliver any trust money, or other failure by you to comply with the Act or the Regulations. The auditor must also report to the Director without delay if they consider that your trust records cannot be conveniently and properly audited.
This means that unresolved issues in your trust account records do not stay between you and your auditor. They are reported directly to Consumer Affairs Victoria, which can then take compliance or disciplinary action.
Common issues that trigger mandatory reporting include:
- Trust account deficiencies or shortfalls
- Failure to reconcile trust account records regularly
- Disbursements made without proper client authorisation
- Failure to promptly bank trust money received
- Records maintained in a format that cannot be properly audited
- Intermixing of trust money with business operating funds
Addressing these issues before your audit begins is always the best approach. Our team helps you identify and resolve any record-keeping weaknesses before the formal engagement starts.
Why Victorian Conveyancers Choose Number Solutions for Their Annual Trust Account Audit
Conveyancing practices from Melbourne’s inner suburbs, like Richmond, South Yarra, and Brunswick, through to Frankston, Ringwood, Geelong, Bendigo, and Ballarat, rely on Number Solutions for their annual CAV compliance.
Expert Knowledge of Victoria’s Conveyancer Audit Rules
We understand the Conveyancers Act 2006, the Conveyancers (Professional Conduct and Trust Account and General) Regulations 2008, and exactly what Consumer Affairs Victoria expects from an approved trust account audit. You get a specialist, not a generalist.
Approved and Qualified Auditors
You must appoint an approved auditor who is a member of CPA Australia, the Institute of Public Accountants or Institute of Chartered Accountants in Australia, meets the requirements to practise as a public accountant, and has obtained a degree in commerce, accounting, business studies or a similar discipline from an Australian university or a foreign university approved by the Director of Consumer Affairs Victoria. Our team meets all of these requirements in full.
Affordable and Transparent Service
We offer clear, upfront pricing with no hidden fees. Whether you are a sole conveyancer in Coburg or managing a larger settlement practice in Dandenong, our pricing is structured to suit your practice size and transaction volume.
Efficient Turnaround Within the Seven-Week Window
We understand that the seven-week window from 30 June is not flexible. We schedule your engagement promptly after year-end and deliver the completed audit report in time for you to lodge within the 10-business-day myCAV deadline.
myCAV Lodgement Assistance
We can guide you through the myCAV lodgement process step by step, or assist with lodgement directly, so you are never at risk of a technical delay causing a late submission.
Clear, Actionable Reports
After every audit, you receive a straightforward Independent Assurance Report covering all findings. If there are recommendations for improving your trust account management, we explain them clearly and help you implement them before the next audit period.
Remote Service Across All of Victoria
We work with conveyancers across metropolitan Melbourne and all of regional Victoria entirely remotely. You do not need to be based in the CBD to access our services.
Key Requirements for Conveyancer Trust Account Auditing in VIC
Here is a practical summary of the core obligations every Victorian conveyancer must meet each year:
- Annual Audit Obligation: Trust records must be audited by an approved auditor for every financial year (1 July to 30 June), unless prior agreement has been obtained from the Director of Consumer Affairs Victoria, or only transit money was received.
- Approved Auditor: Your auditor must be a member of CPA Australia, CA ANZ, or the Institute of Public Accountants, hold a current public accountant practising certificate, and hold an appropriate Australian university degree in accounting, commerce, or a related discipline.
- Auditor Independence: You must supply your auditor with all accounting and business records required for the audit. The auditor must have full access to your records without restriction.
- Lodgement via myCAV: The completed Independent Assurance Report must be lodged with Consumer Affairs Victoria via the myCAV system within 10 business days of receiving it from your auditor. Paper lodgement is not accepted.
- Unused Trust Account Confirmation: If your trust account was not used during the audit period, you must still confirm this through your myCAV account, even though a formal audit is not required.
- Irregularity Reporting: If your auditor identifies any deficiency, non-compliance, or record-keeping issues, they are legally required to report these to the Director of Consumer Affairs Victoria immediately. This is not optional.
- Record Retention: All trust account records, audit reports, and related documents must be retained for a minimum of seven years in permanent form.
What Documents Your Auditor Will Need Access To
For a compliant trust account audit under the Conveyancers Act 2006, you will need to provide:
- General trust account bank statements for the full audit period (1 July to 30 June)
- All trust receipt and disbursement records
- Trust ledger entries for each client matter
- Controlled money account records (where applicable)
- Bank reconciliation records for the audit period
- Details of any transit money received during the period
- Any prior Consumer Affairs Victoria correspondence relating to the trust account
- Records of any trust money balances reported to the Director
We guide you through gathering every document from the beginning, so nothing is missed and the audit proceeds smoothly.
Not Sure Where to Start for Your Conveyancers Trust Account Audit in VIC?
Whether it is your first annual audit, you are catching up after a missed period, or you simply want a more efficient and affordable auditor this year, we are here to help.
We serve conveyancers across Melbourne, Geelong, Ballarat, Bendigo, Frankston, Dandenong, Ringwood, Box Hill, Sunshine, Footscray, Coburg, Brunswick, Carlton, Richmond, South Yarra, and all of regional Victoria.
FAQs
Yes, with two exceptions. Under the Conveyancers Act 2006, all licensed Victorian conveyancers must have their trust records audited by an approved auditor each financial year. The two exceptions are: if you have received prior written agreement from the Director of Consumer Affairs Victoria to waive the audit, or if the only trust money you received during the audit period was transit money. In all other cases, the annual audit is mandatory, and failure to lodge the report is a criminal offence carrying a penalty of up to 120 penalty units.
Your auditor must complete the audit within approximately seven weeks of 30 June (by around 18 August). Once you receive the completed Independent Assurance Report from your auditor, you have 10 business days to lodge it with Consumer Affairs Victoria via the myCAV online system. If you miss the 10-business-day lodgement window after receiving the report, you are committing a separate offence under the Act. We recommend building in a comfortable buffer by scheduling your audit as early as possible after 30 June.
Under the Conveyancers Act 2006, your approved auditor must be a current member of CPA Australia, the Institute of Public Accountants (IPA), or Chartered Accountants Australia and New Zealand (CA ANZ), must meet the requirements to practise as a public accountant in Victoria, and must hold a degree in commerce, accounting, business studies, or a similar discipline from an approved Australian or foreign university. The auditor must also be genuinely independent and cannot be involved in the day-to-day management of your trust account records.
If your trust account held no trust funds at any point during the full audit period, you are not required to arrange a formal audit. However, you are still legally required to confirm this through your myCAV account within the same timeframe. Simply doing nothing is not acceptable. If your trust account received transit money only, the formal audit is also not required, but the myCAV confirmation still applies. Our team can help you prepare and lodge the correct confirmation for your specific circumstances.
All trust account audit reports for Victorian conveyancers must be lodged through the myCAV online system. You are required to have a personal myCAV account in order to manage your trust account lodgements. We provide full assistance with the myCAV lodgement process, including preparing the Independent Assurance Report in the correct Consumer Affairs Victoria format and guiding you through uploading it to your account. For conveyancers who are unfamiliar with the myCAV system or are lodging for the first time, we walk you through every step so the submission is completed correctly and on time.
