Real Estate agents, business agents and settlement agents trust account

Audit Requirement

All real estate agents, business agents and settlement agents (“agents”) who hold or receive money for or on behalf of others relating to a real estate, business or settlement transaction in Western Australia are required to open and maintain trust accounts. Section 70 of the Real Estate and Business Agents Act 1978 (“REBA Act”) and section 51 of the Settlement Agents Act 1981 (“SA Act”) require real estate agents who hold a current triennial certificate and persons who carry on business as a settlement agent to have their trust accounts audited according to the requirements determined by the Commissioner for Consumer Protection (“Commissioner”) and in accordance with accepted auditing practice.

Section 70(3) of the REBA Act and section 51(3) of the SA Act require auditors to deliver their audit reports to the Commissioner within three months after the end of the audit period.

Anderson Munro Wyllie act professionally and courteously each time with a lot of notice so we can prepare all that is needed… highly recommend.

MARK & DEBRA PASSMORE, DIRECTORS,
PASSMORE REAL ESTATE

Audit Process

During a trust account audit, we request your monthly trust bank account reconciliation, your trial balances and bank statements to verify reconciliations were correctly performed and that reconciling items are valid and do not remain unresolved for long periods of time.  We also verify that none of the trust ledgers or trust bank accounts went into debit and any other compliance breaches that may have occurred during the period and that your licences remained valid throughout the audit period.

We also select a sample of transactions from deposits, payments and journals to verify to supporting documentation, authorities to act and standard documentation like statements to clients, offer and acceptances and to and from the bank.

We provide you with the trust account declarations to sign in front of a witness, add our audit report and management letter (after liaison with you) and send it to the Department of Commerce.  We also send a copy to you for your records.

Anderson Munro & Wyllie are not only professional but very personable too. … Once this company is your auditor you will have no reason to change auditors again.

CHRIS ROYCROFT,
PRINCIPAL, NANNUP REAL ESTATE

Depending on the size of the audit and the number of transactions, the audit can be performed either at your place of business or our offices via email or courier.  All these factors will impact on the audit fee quote which is based on the number of hours likely to be spent by various levels of staff.

We are registered as auditors under Part 9.2 of the Corporations Act 2001 of the Commonwealth as required by both the REBA and SA Acts, therefore are licenced to perform your trust account audits.

We can assist you in change of auditor request forms to ensure the process goes smoothly.

Billy-Joe Thomas
Billy-Joe Thomas
Billy-Joe has a Bachelor of Business degree, is a member of Chartered Accountants Australia and New Zealand and a Registered Company Auditor... Read More...
Martin Shone
Martin Shone
Martin is a member of Chartered Accountants Australia and New Zealand, a fellow of the Association of Chartered Certified Accountants and a ... Read More...