Trust Audits
Real Estate Trust Account Audits (Queensland)
Real estate trust accounts in Queensland must be audited annually under the Agents Financial Administration Act 2014 (Qld).
At J O’Connor Pty Ltd, we provide independent trust account audits for licensed real estate agencies operating trust accounts in Queensland.
Our trust account audits are conducted in accordance with:
ASAE 3000 – Assurance Engagements Other Than Audits or Reviews
ASAE 3100 – Compliance Engagements
Queensland Office of Fair Trading (OFT) trust account requirements
We apply a practical, efficient audit approach that includes:
Review of trust receipts, payments and ledgers
Examination of monthly trust account bank reconciliations
Testing of Console Cloud trust accounting reports
Two unannounced examinations each year (5 receipts, 5 payments, and reconciliation review per visit)
Issue of an OFT-compliant Trust Account Audit Report
What We Do Not Offer
To maintain independence and comply with the APES 110 Code of Ethics, we do not:
Set up new trust accounts
Advice on how to establish a trust account
Provide bookkeeping, data entry, trust account reconciliations, or operational assistance
Design or implement trust account systems
Train staff in trust accounting processes
We can only audit an existing, fully operational trust account that you manage yourself.
This protects your agency, ensures compliance with Fair Trading requirements, and preserves our independence as required under APES 110.
Who This Service Is For
Our trust account audit service is suitable for:
Real estate agencies with an active, operational trust account
Agencies using Console Cloud or other recognised trust accounting software
Principals seeking a clear, compliant, and timely OFT audit report
If you operate an existing trust account and need an independent annual trust account audit, we can help.
Fixed Annual Fee
$1,850 including GST, for two trust accounts.
(Includes two unannounced examinations)
A secure Dropbox upload link is provided for all trust account documentation.
Turnaround time: 10 business days once complete records are received.
Final Call to Action
We’re happy to discuss your upcoming OFT audit obligations.
Please note: We can only assist agencies with existing trust accounts.
📞 (07) 3048 5727 ✉️ auditor@joconnorptyltd.com.au
Tender Information Required
To provide an accurate fixed-fee tender for a trust account audit, we ask that you briefly provide the following high-level information:
Legal entity name, trading name (if different), ABN, and Queensland real estate licence number
Number of trust accounts operated and the trust accounting software used
Whether the trust account relates to rentals, sales, or both
Approximate size of the rental roll and/or average number of sales per month
Date of the most recent trust account audit
This information is requested solely for audit planning and pricing purposes. Our service is audit-only and we do not assist with the establishment, operation, or administration of trust accounts.