Role of the auditor on accountant trust accounts

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.


You must be a qualified auditor under section 15 of the Act and provide details of your qualifications in the annual audit report.

Once you have accepted an appointment, formally notify us on business letterhead or by email.

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

  • conduct an unannounced examination of the trust account each financial period
  • immediately report on crucial matters raised during the examination
  • prepare an annual audit report for each financial period.

Unannounced examination

Part of your responsibility as an auditor is to perform an unannounced examination during each financial period. The date of the examination must be recorded in the annual audit report.

If you are unable to carry out an unannounced examination, a reason must be provided at the start of the financial period that you are reporting on.

Matters raised

You must immediately report any serious matters that may be in breach of the Act, or otherwise compromises the integrity of the trust account as mentioned in section 17 of the Act.

This report must be made in writing.

Audit report

You must address a 25-point schedule when auditing a trust account and the reports must be submitted on business letterhead.

View the schedule in section 23(1) of the Trust Accounts Regulation 1999 or our Form 5 – Prescribed information for audit report which further explains each point.

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 a Form 7 – Resignation of auditor or sending a formal letter of notification.

Refer to 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
GPO Box 149

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


More information