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Accountants Trust Accounts or Transacting in Client Monies

Audit Requirement

Accountants who hold, receive or disburse client moneys are subject to APES 310.  APES 310 states that Members who opened a trust account accounts or obtained authority to transact in client monies before 1 July 2011 must comply with the audit requirements of APES 310 within three months of the applicable year-end date, which is 31 March each year.

A Member in public practice must ensure that the Member’s compliance with the requirements of the Standard is audited annually within three months of the applicable year-end date and must appoint another member in public practice as auditor of client monies to perform the audit.

Audit Process

An audit would involve, among other compliance and verification testing, obtaining the monthly trust bank account reconciliations and testing the underlying information.  It also involves testing receipts and payments from the trust account to supporting documentation, authorisation by clients and engagement letters.

We only report to the accountant’s registered authority (CPA or ICAA) if the audit report is qualified.

Contact us today to learn how we can help you with your individual audit needs.

what our clients say

We have been using the audit services of AMW to complete our annual AFSL obligations for the last 5 years and would highly recommend their service to all, they are well priced, both practical and reasonable in their approach to small AFSL holders, and efficient at turnaround times.

CAMERON HOWLETT

DIRECTOR, INDEPENDENT WEALTH PARTNERS

AMW have been our preferred audit firm for SMSFs and other audits for many years. When I started Aver Group in 2004 we were looking to build a relationship with a like-minded professional auditing firm that understood the needs of Accountants.

We have always been impressed by the team’s expertise and understanding of auditing issues. They have a personal, proactive approach and are always available either via telephone or email.

The Principal/Director, B J Thomas, is approachable and is commercially minded. He is very professional and always gives clear advice in a prompt and efficient manner. His work ethic and personality has certainly been passed onto his team members and we have a great business relationship with the whole firm.

In summary, AMW are an impressive team which delivers on their promises and are stand out performers in the Auditing sector

RAVE RAVENDRAN

MANAGING DIRECTOR, AVER GROUP CHARTERED ACCOUNTANTS

AMW came to us highly recommended and have conducted our last two audits of the college’s financials. They are highly professional and have developed a good understanding of schools and their processes. Their team are a pleasure to work with. I have no hesitation in recommending AMW to other schools for the purpose of conducting an audit and the preparation of financial statements.

TAMMY FENWICK

BUSINESS MANAGER, THE KING'S COLLEGE