Information for auditors of real estate and conveyancer trust accounts.
From 1 July 2019, you must lodge all audit results with Fair Trading regardless of your findings.
Results of trust account audits need to be lodged via the Auditor's Report Online portal.
For lodgement of outstanding audits for the previous three years, please select "+Submit Prior Year Audits".
Auditor responsibilities
The audit of the trust account must be done in accordance with Australian Standards on Assurance Engagements, in particular, ASAE 3000 and ASAE 3100.
The auditor is required to form an opinion on whether the agent has complied with the relevant acts and regulations, in all material respects.
The introduction of the online report does not change the requirements of the audit but provides a means of reporting non-compliance of the Act or Regulations identified in the course of conducting the audit. The responses to the checklist in the portal should be based on the scope and nature of work performed by the Auditor and does not imply that the Auditor has tested all transactions.
It is important to note that this is not the audit itself. This is simply a mechanism to submit your findings.
Audit testing
Audit testing is based on materiality to provide reasonable assurance of compliance but not absolute assurance. If an agent has relatively few transactions or instances of compliance processes, it may be appropriate to test 100 percent of transactions or compliance processes. However, where an agent has numerous clients and large volumes of transactions, the auditor applies materiality to select and test samples to obtain enough audit evidence on which to base their opinion.
Audit lodgement deadlines
The 'audit period' is the year ending on 30 June and audit must be submitted by 30 September that year.
| Key dates | Submission details |
|---|---|
| 1 July |
|
| 1 July - 30 September | All audits submitted during this period are classified as on time |
| 1 October - 31 December |
|
| After 31 December | Auditors need to submit audits via "+Submit Prior Year Audits" |
Guide to the Auditor's Report Online portal
The Auditor’s Report Online portal allows auditors to easily and securely submit trust account audit results. Auditors must lodge their audit results via the portal to meet the annual audit requirements.
This step-by-step guide has been developed to help you register for the portal, manage your online dashboard, and submit your audits. It also contains frequently asked questions about the portal and the audit process.