| Audit Period: | Accounts opened pre 1 July 2011: The applicable year end 31 March. |
| Accounts opened post 1 July 2011: within 12 months of the month-end following the opening of the trust account or obtaining the authority to transact. | |
| Audit Due Date: | within 3 months of the applicable year end |
| Audit Report submitted to: | Unqualified audit reports are not required to be lodged. |
Key information:
VIC accountants who operate a trust account are required to comply with APES 310 Dealing with Client Monies.
The trust accounts have to be examined by an auditor annually.
The audit has to be performed within 3 months of the Applicable Year-End Date.
Although unqualified reports are not required to be lodged, they must be maintained and may be reviewed as part of the Best Practice Program.
Visit APES 310 Client Monies for more information: