Trust accounts can be opened for a number of different types of clients, but the main purpose is largely the same – it’s an account that’s held in the name of one party or person for the benefit of another. For example, a grandparent might open up a trust account for their first grandchild with the explicit ruling that they can’t access the funds until they turn 18, or a real estate agent might open a trust account for a client for the purpose of paying property taxes or other specific charges that arise in the sale or purchase of property. However, a trust account must comply with certain rules and legislation in order to maintain its trust status. To ensure this, they must go through a trust account audit once a year. Fortunately, Adept Financial Auditing can provide assistance in this area.
Adept Financial Auditing offers more than 15 years of trust account audit experience to make sure yours remains compliant and valid. For example, we know that real estate agents must have their trust accounts audited each year for the period of July 1st to June 30th. The audit must take place within three months after June 30th and be completed by an approved auditor. It’s important to know the specific details of when a trust account audit must take place in your industry to ensure you remain compliant and the account doesn’t lose its trust status.
To find out more or to book our professional account services, get in touch with Adept Financial Auditing today.
We can tailor our services to suit the specific needs of your real estate business.