**Advice to Public Accountants Who Operate Trust Accounts in Queensland** **Advice to Auditors Appointed to Audit Trust Accounts in Queensland** [Received from the Department of Justice and Attorney-General, Qldl] Public accountants who operate trust accounts in Queensland, and auditors who audit trust accounts in Queensland, are reminded of their obligations under the Trust Accounts Act 1973 and Trust Accounts Regulation 1999. The Department of Justice and Attorney-General is supervising entity to trust accounts legislation. The Trust Accounts Act 1973 prescribes direction in the operation of trust accounts in Queensland including: •Management of money deposited into a trust account •Appointment of an auditor •Annual declaration of monies held in a trust account •Arrangement for financial security against a trust account •Submission of an annual audit report for the trust account Under the Trust Accounts Act 1973, the financial reporting period is 1 April to 31 March each year. At the end of the current reporting period, 1 April 2014 to 31 March 2015, trustees are required to provide the following: •A declaration (witnessed by a Justice of the Peace or Commissioner of Declarations) stating the highest amount of monies held in a trustee’s trust account on any given day, during the financial period 1 April 2014 to 31 March 2015. This declaration is due by 14 April 2015; •Lodgement of a financial security based upon the above declaration to the value of one third, or $10,000, whichever is less. Financial security must also be lodged by 14 April 2015; and •An independent auditor’s report for the trust account for the above financial period. Audit reports are due no later than 31 May 2015. Further, the Trust Accounts Regulation 1999 prescribes the following: •Record keeping •Disbursement of trust monies •Audits and examinations •Professional indemnity insurance •Types of security •25 point annual audit report schedule Further information on the management of trust accounts including establishment, operation, closure and audit of trust accounts is accessible from the new Queensland Government website at: qld.gov.au
Posted on: Fri, 23 Jan 2015 05:07:52 +0000