Trust Account Audits in NSW: Compliance Without the Headache

We specialise in Real Estate Trust Account audits in NSW, helping agencies meet their statutory obligations with confidence, clarity, and minimal disruption.

30 June marks the end of the trust accounting period in NSW, making it a critical time to ensure your records are complete, compliant, and audit ready.

Trust Account Audit reports in NSW are then due by 30 September- being three months after the reporting date -so early preparation is key.

We operate in other states too, although they will sometimes have different due dates

What our trust account audit involves (in practice)

Our audits are detailed, structured, and aligned with NSW Fair Trading requirements, covering both full-year compliance and key risk areas at 30 June.

Monthly compliance review

We perform a comprehensive review across the financial year, including:

• Review of all 12 end-of-month (EOM) trust account reports, ensuring completeness and consistency
• Verification of Trust Bank reconciliations, confirming alignment between bank balances, ledgers, and cash book
• Review of Trial balances and Cash Book reports for accuracy and internal integrity
• Identification and processing of adjustments (where necessary) to resolve discrepancies and ensure compliance

Targeted June (year-end) testing

With 30 June being the reporting cut-off, we focus closely on transactions around this date:

• Investigation of overdrawn ledgers, ensuring no client funds have been misapplied
• Review of journals, confirming they are appropriate, authorised, and properly supported
• Analysis of dormant balances, including whether appropriate action has been taken

Compliance and governance checks

We also ensure your broader obligations are met:

• Confirm all EOM reports are signed and completed within required timeframes
• Review any correspondence from NSW Fair Trading, ensuring issues raised have been addressed
• Obtain bank audit certificates directly from financial institutions to independently verify trust balances

Reporting and lodgement

We manage the process through to completion:

• Preparation of the Auditor’s Report in the prescribed format
• Lodgement via the E-Audit Auditor Dashboard to meet the 30 September deadline
• Provision of a Management Letter to the Licensee in Charge, outlining findings, risks, and practical recommendations

How we add value

We go beyond compliance, helping you run a stronger, more reliable trust account:

• Efficient, well-organised process – minimal disruption to your operations
• Clear, practical communication – issues explained in plain English
• Proactive risk identification – we highlight issues early and help resolve them
• Regulatory confidence – audit-ready and Fair Trading compliant
• Ongoing support – guidance when you require it, not just at audit time

Why work with us

• Specialist focus on NSW real estate trust account audits
• Strong working knowledge of Property and Stock Agents legislation and Fair Trading expectations
• Experience across single and multi-office agencies
• Reliable, responsive, and commercially practical approach

Get in touch

With 30 June marking the end of the trust accounting period and audit reports due by 30 September, now is the time to ensure your records are in order and your audit is handled efficiently.

If you are looking for a trust auditor, please reach out we’d be happy to assist.