Role of the auditor on accountant trust accounts
Independent audit changes
Under the changes introduced by the Justice and Other Legislation Amendment Act 2023, independent audits of public accountant trust accounts are no longer required to be provided to the Department of Justice for trust account financial periods commencing from 1 April 2024.
The final audit report required is for the 1 April 2023 to 31 March 2024 financial period.
The following information is only relevant if you are completing the 2023-24 financial period audit report.
Qualifications
As a trust account auditor, you must meet those requirements specified under section 15 of the Act.
Once you have accepted an appointment, notify us on business letterhead and submit your endorsement by email.
Responsibilities
If you are appointed by a public accountant to audit a trust account, you are required to:
- prepare an annual audit report for each financial period
- forward the audit report to the trustee to lodge with us.
Annual audit report
When auditing a trust account, you must address the prescribed 25-point schedule on business letterhead and forward the audit report to the trustee.
View the 25-point schedule in the Trust Accounts Regulation 1999. For further explanation of each point, refer to our prescribed information for audit report (Form 5).
All 25 points on the schedule must be completed, otherwise the report cannot be accepted.
Contact us
Internal Audit Unit
Department of Justice
Email: trust.accounts@justice.qld.gov.au
Phone: (07) 3033 6726
More information
- Trust Accounts Act 1973
- Trust Accounts Regulation 1999
- Justice and Other Legislation Amendment Act 2023