Real Estate Trust Account Audit

Real Estate trust accounts are state governed, and in Victoria they are regulated by Consumer Affairs Victoria. A Real Estate trust account must be set up and maintained in accordance with the Estate Agents Act 1980 (the Act) and the Estate Agents (General, Accounts and Audit) Regulations 2018 (the Regulations). By law, Real Estate trust accounts must be audited annually, the audit period typically ending 30 June. Many clients are surprised to learn however, that the year end can be altered via an application to the business licensing authority.

For copies of the Act and Regulations,

Legislation – Estate Agents Act 1980 →
Regulations – Estate Agents (General, Accounts and Audit) Regulations 2018 →

At Oak Audit & Assurance, our audit team have developed a deep understanding of the audit legislation specific to Real Estate trust accounts, and pride ourselves on striving for a swift, detailed and smooth process. We appreciate that the demands on real estate directors and their teams are unique, and understand that the priority is to get back to business as soon as possible. That’s why we prioritise transparency from the commencement of the engagement, and have designed specialised processes to ensure minimal confusion and delays.

At Oak Audit & Assurance, we are always trying to think outside the box, to provide innovative solutions to our clients’ common problems. We have designed an exclusive service for our real estate clients, which enables us to offer ‘off-peak’ audit fees for a limited number of real estate clients each year.

To find out more about our competitive ‘off peak’ audit fees, contact us via the link below.