Important note: You must use our myCAV online system to manage your trust accounts, including lodging the annual audit. To start using myCAV, you will need to create your own myCAV account, using a personal email address to verify your identity and sign in to your account. If you already have a myCAV account, sign in to your account to manage your trust accounts.
Create or sign-in to your myCAV account
For more information, view our About myCAV page.
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 must keep your trust accounts in a way that allows a proper and convenient audit.
You do not need an audit if you only receive transit money during the audit period.
Trust account not used during the audit period
If your trust account did not hold or manage trust funds for the entirety of the audit period, you are not required to have the account audited. However, you must still confirm this via your myCAV account.
During the audit, the auditor must report to the Director of Consumer Affairs Victoria as soon as practicable if they become aware of any:
- deficiency in any trust account, or trust ledger account
- failure to pay or deliver any trust money
- other failure by you to comply with the Act or the Regulations.
The auditor must also report to the director without delay if they consider that your trust records cannot be conveniently and properly audited.
Download the Notice of trust account irregularity - conveyancers (Word, 74KB).
You must appoint an approved 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
- has obtained a degree in commerce, accounting, business studies or a similar discipline from an Australian university or a foreign university approved by the Director of Consumer Affairs Victoria.
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 via myCAV within 10 business days of receiving it from the auditor.
If you don't, you are committing an offence, which may result in a penalty of up to 120 penalty units.
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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