Accountants Trust Account Audit: A Simple Guide

Do You Need a Trust Account Audit?

If you’re an accountant in public practice and you hold a client account or trust account – meaning you receive money on behalf of clients – you may need to get that trust account audited.

Are you unsure if you fall within the rules? Don’t worry. We’ll break it down in plain English.

Who Sets the Rules?

Depending on when you opened your trust account, your due date may vary. The best way to know for sure is to call your professional institute.

The main regulatory bodies in Australia are:

• Institute of Chartered Accountants (ICAA)

• CPA Australia

• Institute of Public Accountants (IPA)

Each has its own requirements. But they all follow the same professional standard.

What Is APES 310?

The standard that deals with trust accounts and client money is called APES 310: Dealing with Client Monies.

Think of it as the rulebook. It instructs accountants on how to properly manage client funds from the time they are received until they are disbursed.

You can download the full standard here:

👉 APES 310: Dealing with Client Monies (PDF)

Why Does a Trust Account Need an Audit?

Here’s a typical example:

A client’s tax refund comes into your trust account. You take out your professional fee. Then you send the rest to the client.

That money isn’t yours. It belongs to the public. And because public money is involved, it needs supervision and oversight.

That’s where the audit comes in. It ensures you’re following the rules and handling client money correctly.

What Does a Trust Account Audit Cover?

According to APES 310, an accountants’ trust account audit includes checking:

• Internal controls – Do you have the right processes in place?

• Documentation – Are your records complete and accurate?

• Trust account management – Is the account being run properly?

• Record keeping – Can you show where every dollar came from and went?

• Disbursements – Are you paying out money correctly?

• Client notifications – Are clients being told what’s happening with their money?

• Other standard conditions – Whatever else APES 310 requires.

We look at everything. So you can sleep easy knowing you’re compliant.

Our Fixed Fee: $499 per Trust Account

We at A One Accountants support straightforward, up-front pricing. No surprises. No hidden costs.

We charge a fixed fee of $499 per trust account.

That fee is GST inclusive – so what you see is what you pay.

Important Note About Payment

This fee cannot be paid from the trust account itself. That money belongs to your clients, not to you.

Instead, the fee is a cost to your business – just like any other professional expense.

Free Advisory Services for Our Clients

When you appoint us as your auditor, we don’t just show up once a year and disappear.

We also provide free advisory services throughout the year.

Do you have any questions regarding keeping your trust account up to date? Uncertain about how to manage a challenging circumstance? Just call us. We’re here to help – at no extra charge.

Ready to Get Your Trust Account Audited?

Getting your trust account audit done doesn’t have to be stressful or expensive.

Here’s how to start:

📞 Call us: 03 8609 1889
✉️ Email us: info@a1accountants.com.au

We’ll answer your questions, confirm your due date, and get your audit scheduled – fast.