| Audit Period: | Accounts opened pre 1 July 2011: The applicable year end 31 March.
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| Audit Due Date: | within 3 months of the applicable year end |
| Audit Report submitted to: | Your relevant accounting body (effective from 1 April 2025 onwards). Unqualified audit reports are not required to be lodged. |
Key information:
Prior to 1 April 2024, public accountants who managed client funds were considered a trustee under the Trust Accounts Act 1973 (the Act) and Trust Accounts Regulation 1999 (the Regulation), and must therefore:
- comply with prescribed requirements of the trust account legislation
- report annually to the supervising entity that oversights trust accounts in Queensland (i.e. the Department of Justice and Attorney-General)
- provide other information as requested by us.
The Justice and Other Legislation Amendment Act 2023 removed references to public accountants from the Trust Accounts Act 1973 and Trust Accounts Regulation 1999, resulting in public accountants trust accounts now being self-regulated.
QLD accountants who operate a trust account are required to comply with APES 310 Dealing with Client Monies and have their trust accounts examined by an approved auditor annually.
The applicable year end date is 31 March for accounts opened pre 1 July 2011, or 12 months from the month end following the opening of the trust account for those opened post 1 July 2011.
The audit report is required to be completed within 3 months of the applicable year end.
Although unqualified reports are not required to be lodged, they must be maintained.
The information above is taken from the following website: