Information for auditors of real estate and conveyancer trust accounts.
From 1 July 2019, the way trust accounts managed by real estate agents and conveyancers are to be audited is changing.
What are the changes?
From the 1 July 2019, auditors will need to:
- Fill out and lodge their trust account audits with us online, rather than in paper form.
- Lodge all trust account audits with us, not just qualified audits
Fair Trading will be launching a new online platform called Auditors Report Online on 1 July. This is how auditors will send us their audits electronically. Auditors will be able to access the platform from this page.
Why are these changes happening?
The changes to trust account audits are part of reforms being rolled out in NSW to improve the skills of real estate and property professionals, and raise the sector’s professional and education standards. Read more about the reforms and the consultations held about them.
What do auditors need to do?
Before 1 July 2019
We encourage auditors to:
- Tell your clients and co-workers about these changes
- Contact your clients to get information about their businesses. You will need this information to use Auditors Report Online for the first time.
- Send your clients the client information form (DOCX, 28.4 KB) to get the information you need
- Bookmark this page and check back for updates. You can also subscribe to our Property Matters e-newsletter for email updates.
From 1 July 2019
Visit this page for instructions on how to register for and use Auditors Report Online. Once you are registered, you will be able to start sending us your audits.
How will Fair Trading help auditors with these changes?
Auditors Report Online will guide users on how to lodge their audits electronically. We have built and tested the platform with auditors to make sure it meets your needs.
We know changing business processes can take time. To support auditors as they get used to these changes, we are extending the deadline by when audits for the year ending 30 June 2019 are due. Audits will need to be lodged with us by 31 December 2019 instead of the normal deadline of 30 September.