Public and Private Companies
Audit Requirement
All licensed travel agents in Australia must provide audited financial statements prepared in accordance with Australian Accounting Standards.
For IATA purposes, a client trust account is a bank account that an agent must maintain separate to the general account which must include all client BSP (Billing and Settlement Plan) funds and the subsequent disbursements of those funds to airline principals.
The agent must comply with all of the requirements of Section 2.3 (Client Travel Account) of the IATA Financial Criteria requirements. All agents must provide audited accounts not more than six (6) months old at the time of submission.
Audit Process
The audit process starts with obtaining a copy of your trail balance – we then select balances and transactions to test based on the size of the balances and the risk of misstatement involved, as well as to test that your control processes work appropriately. We also do some analytical procedures to ensure it all makes sense, read your minutes of meetings and other audit procedures as required by the audit standards.
Lastly, the financial statements are signed by the licensee and we issue our audit report.
At AMW we perform audits of both travel agency financial statements, and for those who still maintain trust accounts, the audits of the trust accounts.
We have over 40 years of experience in auditing travel agencies and travel agent trust accounts.
Contact us today to learn how we can help you with your individual audit needs.
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