At GMD Advisory, we understand the critical importance of maintaining compliance with the stringent regulations governing real estate trust accounts. As a trusted partner for real estate agents, we provide comprehensive audit services that help ensure your trust accounts are fully compliant with the Agents Financial Administration Act 2014.
What Are Real Estate Trust Audits?
Real estate trust audits are a mandatory process that involves the thorough examination of an agent’s trust accounts, specifically those used in property management and sales. These audits ensure that trust funds are managed correctly, transparently, and in accordance with legal requirements. They are crucial in maintaining the integrity of financial transactions and protecting both clients and agents.
Why Are Real Estate Trust Audits Required?
In Queensland, real estate agents are legally obligated to conduct regular audits of their trust accounts. The Office of Fair Trading mandates these audits to prevent mismanagement or misuse of trust funds. As an agent, it’s not just about staying compliant with the law; it’s also about upholding your reputation and providing peace of mind to your clients.
GMD Advisory performs two interim and one final external examination of your trust accounts each year. These examinations are essential for identifying any discrepancies early on, allowing you to address issues before they become significant problems. Our auditors work diligently to ensure that all reporting requirements are met and that submissions to the Office of Fair Trading are completed by the required dates.
Our Process
At GMD Advisory, we take a thorough and meticulous approach to auditing. Our team is well-versed in the common software platforms used by real estate agents, such as Eagle and Property Me, allowing us to efficiently navigate and audit your trust accounts. We notify the Office of Fair Trading of our appointment using the required Form 5, and we manage the entire audit process to ensure compliance with all regulatory requirements.
The audit process is tailored to fit the unique timelines of your registration dates, ensuring that all necessary reports are lodged on time. This proactive approach helps to mitigate risks and keeps your operations running smoothly.
Take Action Today
Ensuring the compliance of your real estate trust accounts is not just a legal requirement—it’s a vital part of maintaining the trust of your clients and the success of your business. Let GMD Advisory be your partner in this process. Contact us today to schedule your trust account audits and secure your peace of mind.