Trust Account Audits

At Peter Vickers Business Group we provide external examinations of law practices and real estate agents’ trust accounts in New South Wales. Law Practices that have received or held Trust Money are required to have their records externally examined annually.  

The NSW Legal Practice Trust Statement and External Examination period commences 31 March each year. Law practices that have received or held Trust Money (excluding transit money) are required to have practice Trust Money records externally examined annually pursuant to the Legal Profession Uniform Law and the Legal Profession Uniform General Rules 2015.

At Peter Vickers Business Group, we have 2 qualified examiners for NSW and VIC solicitor trust accounts, Peter Vickers and Marc Liew. Peter Vickers is a registered company auditor (ASIC no 1151) and External Examiner for The Law Society of NSW (no 905) who assists Law Practices with their compliance issues by conducting an examination of their recording of receipts and disbursements of their Trust Account. Peter has been performing Trust Account audits and examinations for over 30 years.

External Examiner’s Reports are to be completed and lodged with the Trust Accounts Department of The Law Society of NSW no later than 15 May. It is highly recommended that you contact us as soon as possible to allow time for processing and the satisfaction of any queries that may arise before the due date.

Whether you are starting up a new trust account, or already have one, our accredited and experienced examiners can assist you in completing the audit process with a minimum of fuss and disruption to daily operations.

If you are setting up your Trust account fund or contemplating your first annual audit, you may be looking for some general information about how it works.

Types of Trust Account Trustees

Trustees can be either one person or a company, depending on the type of trust. Some well-known types of company trustees are

• Solicitors
• Real Estate Agents
• Accountants
• Travel Agents

Why does a trust account need to be audited?

Trust account auditing is a specialised process that requires expert knowledge of the legislation governing trust accounts. In accordance with law, owners of trust accounts must have their account audited by a registered accountant annually, at the expense of the trustee who is holding the account.

As well as performing trust account audits nationally, we specialise in solicitor run trust accounts in New South Wales. This means that we can pass on our expertise to you when we audit your solicitor held trust account.

What is involved in a NSW Solicitor Trust Account Audit?

• The NSW Legal Practice Trust Statement and External Examination period commences on the 31^st of March each year. 
• Each state has its own Act so the deadlines for each state will differ according to their Act.
• External Examiner’s Reports are to be completed and lodged with the Trust Accounts Department of The Law Society of NSW no later than the 15^th of May.
• The auditor accesses the records of both the trust account and the general practise accounts of the solicitor involved.
• Making sure you are organised for your audit means those deadlines are met.

Do you have questions about your trust account’s annual audit? 

Please contact Peter Vickers at peterv@pva.com.au or Marc Liew at marcl@pva.com.au or call 9496 2300 to further this discussion.

_{Advice provided by Peter Vickers and Associates Pty Ltd Chartered Accountants Liability Limited by a Scheme under the Professional Standards Legislation ABN 60003466813. Authorised representative of Peter Vickers Insurance Brokers Pty Ltd trading as Peter Vickers Investment Services Australian Credit Licence and Australian Financial Services Licence Number 229302}

Require a Trust Account Audit?