As many of you know, part of the requirement to maintain a real estate license in QLD or NSW (and other states/territories) is to operate a trust account; and to have that trust account registered, controlled and audited annually by a qualified professional. Knowing what to expect and being informed throughout the audit process, including at site visits, allows operators to adopt more integral controls and practices. It also ensures you are prepared ahead of time.
If you own a real estate agency or provide letting management in a body corporate scheme, you may know the requirements and have some experience with compliance and the audit processes. However, did you know that most breaches in trust account operation and control are usually simple accidental mistakes made by managers in their everyday operations? Throughout our experience, we have identified every type and example of these errors in the audit process and are able to identify these for you, before it’s too late.
Auditing has always been critical to real estate and trust account specific businesses, however, it is becoming even more important due to growth in the value of management rights and real estate businesses, the increase in penalties for errors, and the speed and complexity of modern business increasing the chance for human error. As a key stakeholder in your business, it is imperative you have a good relationship with your auditor and can call on your auditor as a resource whenever you need assistance. We adopt this inclusive approach because we know it works.
Should you wish to learn more about auditing services and what is involved, visit http://byrneandmiller.com.au/smsf-audit/ or call 07 5598 1118