QUICK TIPS FOR AUDITS OF TRUST ACCOUNTS

Tip  One

You need to maintain proper records for all funds held on trust at all times, failure to do so could result in fines and penalties.

Tip Two

You will receive two unannounced examinations from the auditor each financial year (if McFillin’s is auditor for more than 6 months, but less than the full period, one visit is required). It is the trustees responsibility to ensure that the appointed auditor carried out the examinations.

Tip Three

If any issues arise, please contact McFillin’s immediately to discuss rectification and disclosure where applicable.

Should you have any queries or need advice in relation to Trust Account Audits please contact McFillin & Partners on (07) 32637030 to discuss.