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Role of the auditor on accountant trust accounts

If you are appointed by a public accountant to audit a trust account, you must:

  • conduct an unannounced examination during the financial period
  • prepare an independent auditor’s report at the end of each financial period.

The financial period for a trust account is 1 April to 31 March each year.


You must be qualified under section 15 of the Trust Accounts Act 1973 (the Act) and provide details of your qualifications in the audit report.

To demonstrate your independence from a trustee, you must submit your audit report on business letterhead and include:

  • a signed covering letter
  • ABN
  • name
  • phone number
  • business address
  • email address

Appointment of auditor

You must advise us within 30 days that you have accepted your appointment, either on business letterhead or by email.

Unannounced examination

While auditing trust accounts, you must:

  • perform an unannounced examination during the financial period
  • note the date of the unannounced examination in the annual audit report.

Audit report

When auditing a trust account, you must address a 25 point schedule as outlined in section 23 (1) of the Trust Accounts Regulation 1999. We have created a 25 point schedule guide to facilitate the audit and assist in the preparation of the audit report. If the schedule is not fully completed, we will contact you to obtain all necessary information. It is the trustee’s responsibility to ensure the audit report is lodged with the Department.

Matters raised

You must immediately report to us in writing any matters that you feel breach sections 6, 7 or 8 of the Act, or otherwise compromises the integrity of the trust account as stated in section 17 of the Act.

Resigning as auditor

You must immediately notify us in writing if you resign as auditor to a trust account. Refer to section 15 (9) of the Act.

Contact information

By post

Internal Audit Unit
Department of Justice and Attorney-General
GPO Box 149

By phone

Phone: (07) 3109 9113 or (07) 3006 2541

By email

More information

Last updated
20 February 2018
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