Trust Account Audits

Whether it be real estate, solicitors, accountants or indeed any business which holds money “in trust” for other people requires an audit as part of the Office of Fair Trading and/or the association that they belong to e.g. CPA, CA, Law Society.

An audit of a trust account means looking at the bank account and ensuring that the movement in the bank account correctly reflects the agreed correspondence with the client and the fees and charges allowed to be recovered by the business.

We expect strong controls and documented processes in order to make the audit more reliant on these controls. Any business where controls are failing means a more in-depth testing method, more work and a higher cost.

After completion of the audit, a management letter is supplied with information for the business, including where controls have gone wrong, where improvements could be made, where efficiencies could be implemented and what changes we wish to see for our next audit.

These are all things which we know will help your business grow and get more proficient at. It also means that the likelihood of you breaching the terms of your licence is less likely.

We do an end of financial year audit and, dependent upon your industry, 1-2 unannounced audits during the year.

Contact us about your next trust account audit.

 

Audit & Assurance Business Services