Your trust records must be audited by an approved auditor each financial year, unless there is prior agreement from the Director of Consumer Affairs Victoria. You do not need an audit if you only receive transit money during the audit period.
The auditor must give written notification to the Director of Consumer Affairs Victoria of any deficiency or irregularities in your trust records or any other failure to comply with the Conveyancers Act 2006 or Regulations.
This notification must be given as soon as practicable after becoming aware of it.
Download the Notice of trust account irregularity - conveyancers (Word, 74KB).
Choosing and appointing an auditor
You must appoint an auditor who:
- is a member of CPA Australia, the Institute of Public Accountants or Institute of Chartered Accountants in Australia, and
- meets the requirements to practise as a public accountant.
You do not have to choose the same auditor each year.
You must supply the auditor with all accounting or other records of the conveyancing business.
Lodging the audit report
You must lodge a copy of the audit report – the Independent Assurance Report to the Licensed Conveyancer - with the Director of Consumer Affairs Victoria within 10 business days of receiving it from the auditor.
Failing to comply could result in a fine of up to $14,656.
Download our Independent assurance report to the licensed conveyancer (Word, 102KB).
Time limits for keeping records
You must keep records for at least seven years in a permanent form.
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