If you are a licensee who receives money for real estate transactions you are required by law to have a trust account to pay that money into and to have that account audited.
You must let us know who is auditing your accounts
When you are granted an agent’s licence you must let us know who your auditor is before you receive any money into the trust account by using the Notification of Auditor Form
You must also include confirmation from the auditor that they are eligible to be an auditor.
If your auditor changes
You must let us know if you change your auditor – before they stop being your auditor or within 20 days of the change – using our Change of Auditor Form
Your auditor must be a qualified auditor (within the meaning of section 35
of the Financial Reporting Act 2013).
You must give your auditor monthly reconciliations
You must provide your auditor with monthly bank reconciliation statements every month even if there were no transactions. These are due with your auditor by the 20th of each month, except for January when the report is due by the 27th.
Your auditor should examine your accounts at least three times a year
The dates when your auditor should examine your trust accounts are:
|Two months to 31 May
||1 July - 31 August|
|Five months to 31 October
||1 July - last day of February|
|Five months to 31 March
||1 April - 30 Jun|
You just provide a statutory declaration to your auditor three times a year
Your auditor will ask you to provide a statutory declaration before they start the audit and it must be signed by a Justice of the Peace, barrister, solicitor, a notary public or other official.
We recommend that you use the wording set out in the Audit Regulations link to Audit Regulations 16(2)