Lodging audits for real estate and conveyancer trust accounts
Information for auditors of real estate and conveyancer trust accounts on lodging audits and access to the Auditors Report Online portal.
Auditor responsibilities
You must audit the trust account following the Australian Standards on Assurance Engagements, especially ASAE 3000 and ASAE 3100.
You must form an opinion on whether the agent has complied with the relevant Acts and Regulations, in all material respects.
Use the online report to record any non-compliance with the Act or Regulations found during the audit. Your checklist responses in the portal should reflect the scope and nature of the work you performed. They do not mean you tested all transactions.
It is important to note that this is not the audit itself. It is a mechanism to submit your findings.
Audit testing and materiality
Audit testing is based on ‘materiality’. Materiality means the auditor aims to get reasonable assurance of compliance, not absolute assurance.
If an agent has a low number of transactions or compliance processes, it may be appropriate to test 100% of them.
If an agent has many clients and many transactions, the auditor uses materiality to select and test samples. This helps them gather enough audit evidence to form an opinion.
Audit lodgement deadlines
The 'audit period' is the year ending on 30 June. You must submit an audit by 30 September that year.
Key dates
1 July
The Auditor's Report Online portal will begin accepting current year audits.
Auditors can begin to invite clients and submit audits.
1 July - 30 September
All audits submitted during this period are classified as on time.
1 October - 31 December
- All audits submitted during this period are classified as late, except with pre-approval
- Fines may be imposed
After 31 December
Auditors need to submit audits via "+Submit Prior Year Audits" in the portal.
Guide to the Auditor's Report Online portal
The Auditor’s Report Online portal lets auditors submit trust account audit results with ease and security.
Auditors must lodge their audit results through the portal to meet annual audit requirements.
This step-by-step guide helps you register for the portal, manage your online dashboard, and submit your audits. It also includes frequently asked questions about the portal and the audit process.