If you hold other people’s money in a trust account — as a real estate agent, strata manager or similar licensee — you almost certainly have a statutory audit obligation under the legislation your licence sits under. The audit isn’t optional or a formality; it’s how the regulator confirms client money was kept separate, reconciled and untouched. The specifics turn on your licence and state.
What it depends on
Where judgement stays human: Identifying which regime applies and whether your handling meets it is a judgement for a registered auditor — and independence rules govern who can perform the audit itself.
Trust-money rules exist because the money isn’t yours — it belongs to landlords, buyers, owners corporations or clients. The audit tests exactly that: that it was banked correctly, reconciled on time, and never used to prop up the business. Breaches here are treated far more seriously than ordinary bookkeeping errors.
The obligation, timing and who can sign it off vary by the licence you hold and the state you operate in — so “do I need one” is really “which regime applies to me”, and that’s the first thing to pin down.
Identifying which regime applies and whether your handling meets it is a judgement for a registered auditor — and independence rules govern who can perform the audit itself.
Trust & Assurance · general information current as at 1 September 2026. This is general information only, not personal financial, tax or legal advice.