This year marks the 2 year anniversary or cotton paper anniversary of the introduction of digital audits.
With the introduction of this new law, agents received an extension of time in 2019 and a further extension of their 2020 audit due to COVID-19.
In this digital age that we’re in, there is nowhere to run or hide.
If you fail to lodge your audit within the correct timeframe, you will be caught.
This can result in loss of income and clients as severe breaches are listed on the public register.
Remember to:
- Lodge early to avoid the last-minute rush
- Remember, you get what you pay for when it comes to audit services
- Start cleaning up for EOY preparation
- Seek help and when in doubt – outsource!
- You can run, but you can’t hide. Do not forget to lodge, set reminders.
Top tips to select the right audit company
We have covered in the past, some tips to help select the right trust account auditor. As we mentioned above, you get what you pay for. So be sure to outsource to the best to avoid being breached.
Some choose their accountants to handle this process. Yet, as we all know, trust accounts are a world unto their own.
It is important that your auditor is up-to-date with Trust Accounting legislation and your trust accounts are in line.
A Digital Audit example
Here is an example of our Rent Roll Angels recent digital audit on the new platform.
We’re pleased to report that we passed with flying colours!
If you’d like to discuss outsourcing your Trust Account to our team, contact us to discuss how we can assist you and help avoid a breach this audit season.
Jane Morgan is the Director of End of Month Angels, a consultancy firm specialising in Trust Accounting. Jane knows the legislative requirements of running a successful Real Estate office through her 23 years’ industry experience. Don’t trust just anyone with your trust accounting. Book an appointment with an End of Month Angel today.