Real Estate Audit Melbourne

Real Estate Trust Accounts Audit in Melbourne

As a real estate agent, you must audit your trust accounts once a year. Otherwise, you can't renew your license from Consumers Affairs Victoria.

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. 

As per Consumer Affairs Victoria (CAV), all the real estate agencies must audit their trust accounts once a year. The regulations requires that you must have your trust accounts audited each year:

You must also:

Provide the auditor with all books, papers, accounts, documents, securities, statements and reports reasonably necessary for the audit, and any information they reasonably require prepare, certify and produce for the auditor a statement detailing:

Lodge your audit report in myCAV

You must lodge a copy of the audit report with us via myCAV within 10 business days of receiving it from the auditor. If you don't, you are committing an offence, which may result in a penalty of up to 120 penalty units. For more information, view Penalties - estate agents.

Trust account not used during the audit period

If the trust account held or managed trust funds at any time during the audit period, you must have this trust account audited. If this trust account did not hold or manage trust funds at all during the audit period, you are not required to have this trust account audited. However, you must still confirm this via your myCAV account.

Approved auditor

An approved auditor is a practising public accountant who is a member of at least one of these professional bodies:

Area We Serve