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Audit | Oyster Hub

Trust Account Audit

Ensure your business is in compliance with the regulations and focus on your core tasks

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What is Trust Account Audits?

If you receive 'trust' money you must operate a trust account, which has to be audited annually by a qualified auditor.  Oysterhub puts their trust into you so you can put your trust into us to effectively take care of your trust accounts:

  • Put more time into your pocket
  • Provide you with any applicable exemptions you may qualify for
  • Make sure your audits are lodged within the required 3 month post EOFY period

 

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The necessity of trust account audits in the life of a business owner

Improve your audit quality to ensure that your business' finances are in check so that you have trust in your trust account audits.

Real Estate Trust Account

If you are a real estate agent you must have your real estate trust accounts audited each year within 3 months after June 30. 

Real estate trust account audits are essential annual compliance requirements under the legislation, however when in the right hands can open doors for new opportunities to maximise your business processes. Our purpose is to provide you with effective personalised services since we know one size doesn’t fit all.

What to expect:

  • Effective verification of real estate trust accounts that have been handles accordingly in conjunction with regulatory requirements
  • Effective personalised record keeping to provide an accurate and true holding of money
  • No discrepancies of state legislations occur
  • No disruptions to your business so you can grow effectively
  • Friendly team of specialists
  • Value for money

The most important thing is the inculcation of a peace of mind as you become less stressed knowing that someone has your back.

Travel Agent Trust Account

Focus on being the best travel agent you can be! If you are a travel agent you are obligated to have audited financial statements each year by a registered company auditor and an accountant.

What to expect:

  • Simple and Quick application and approval process
  • No application fee
  • Set up usually within 24 hours
  • Standard banking fees and charges so you know what to you are getting into
  • Interest Bearing
  • Pre-approved insurers with effective risk management mechanisms

By taking care of your trust account as a travel agent you are able to focus on your craft and being the best at your job while at the backend we are taking care of all your financials.

Accountants Trust Account

A trust account is a business bank account used by a public accountant to hold funds on behalf of the clients where you manage client’s funds to comply with the trust account legislation. As a trustee you are required to do three things:

  1. Meet the prescribed requirements of the Act and the Regulation
  2. Report annually to the entity that oversees trust accounts
  3. Provide any necessary information requested by the department

What to expect:

  • Review your practices and procedures
  • Identify potential issues with your trust account
  • Provide you with the necessary audit report

Having an accountant trust account facilitates in ensuring that the back end accounts are all in check so that upon being audited there are no deceptive behaviours being partaken in.

Solicitors Trust Account

As a solicitor this is a fundamental component in terms of ensuring your practice have its trust records externally examined by an external examiner who has been appointed accordingly in order to keep in alignment with the legislature.  In order to keep in alignment with this you must:

  1. Deposit trust money to a general trust account maintained with an authorised deposit taking institution in NSW e.g. banks, building society or credit union.
  2. Disburse trust money only as directed by the respective persons behalf
  3. Keep accurate records of their trust accounts

What to expect:

  • Established under the exclusive control of the law practice
  • All statements and account correspondence sent directly to the law practice
  • Withdrawals and Transfers are not permitted to ensure optimal benefits
  • Deposits and Withdrawals must be connected via general Trust Account

By ensuring your solicitors account trust is on track you are effectively able to take control of your trust account and find out how you can make slight screwdriver tweaks to your firm and heighten the advantages.

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