Act now rather than hoping it goes unnoticed. Find out exactly what the regulator requires and by when, get your trust records and reconciliations into a state an auditor can work with, and engage an appropriately registered auditor as quickly as possible. If the regulator has already contacted you, respond within its timeframe and be honest about where things stand. Delay usually makes the position harder, not easier.
What it depends on
Where judgement stays human: Only an independent registered auditor can give the audit opinion, and how to deal with the regulator depends on your specific facts — a practice like ours can help get the records audit-ready, but not sign the audit itself.
An overdue audit is first a records question: can the trust account be reconciled for the whole period, and do the bank, ledger and client balances agree? If they cannot, the priority is fixing the reconciliations so an auditor can form a view — the audit cannot be rushed past missing records.
The second question is the regulator relationship. Requirements and consequences depend on your licence and your state, so read the actual correspondence and rules that apply to you rather than relying on general advice, and keep a written record of what you do and when.
Only an independent registered auditor can give the audit opinion, and how to deal with the regulator depends on your specific facts — a practice like ours can help get the records audit-ready, but not sign 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.