Role of the auditor on accountant trust accounts
Independent audit changes
Independent audits of public accountant trust accounts are no longer required for trust account financial periods that started on or from 1 April 2024. The final audit required is for the 1 April 2023–31 March 2024 financial period.
An auditor appointed by a trustee to audit a trust account has prescribed obligations under the Trust Accounts Act 1973 (the Act).
The reporting period for a trust account is 1 April to 31 March each year. All correspondence with us must be done by email.
Qualifications
As a trust account auditor, you must meet those requirements specified under section 15 of the Act.
Once you have accepted an appointment, immediately 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.
Unannounced examination
As an auditor appointed under the Act, you must perform at least one unannounced examination between the period 1 October and 31 March each financial year. Refer to section 18(1) of the Act.
You are also required to immediately report any serious matters that may be in breach of the Act, or which otherwise compromises the integrity of the trust account as per section 17 of the Act.
If you can’t carry out an unannounced examination, you must provide a reason at the start of the financial period that you are reporting on as to why it is impractical or unduly onerous to do so as per section 18(3) of the Act.
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.
Resigning as auditor
You must immediately advise us if you resign as auditor to a trust account by completing and emailing a resignation of auditor (Form 7). Learn more in section 15(9) of the Act.
Contact us
The supervising entity to the Trust Accounts Act 1973 is:
Internal Audit Unit
Department of Justice and Attorney-General
Email: trust.accounts@justice.qld.gov.au
Phone: (07) 3738 9202 or (07) 3738 9197
More information
- Trust Accounts Act 1973
- Trust Accounts Regulation 1999
- Ministerial exemption in Queensland Government Gazette No 21, 24 May 2002
- Justice and Other Legislation Amendment Act 2023