Real Estate Audit Useful Tips

25-Jul-2012
 Real Estate Trust Account Audited Reports are due 30th September 2012! 
  
Simeoni would like to give you some useful tips in order to be ready and organised. 

For over 20 years Simeoni has delivered tailored services to Real Estate Agents. 
This has led to a dedicated division within Simeoni tailored 100% to Real Estate Agents and their needs. 
 
We have created a checklist that our real estate clients should look at before we come and visit for the audit:

• Attend to breaches from previous years. The OFT are following up and penalizing agents 
  who repeatedly breach

• Ensure that all outstanding cheques and deposits over 2 years have been sent to the OFT
  with an unclaimed monies form 

• Ensure that June 30, 2012 has no anomalies, outstanding deposits greater than 2 days,
  unexplained adjustments etc

• Try to keep banking within the 2/3 days rule 


If you keep records manually: 

• Every month must have a reconciliation even if there are no transactions 
• You must have a bank reconciliation, cash book and trial balance for 
  every month 
• Receipts and deposits must be provided and correspond to 
  the appropriate transactions 
• A ledger per owner (landlord) must be kept 
• If you feel your records do not comply we have developed a manual set 
  of templates to help get you started at a fee of $ 250 plus GST 

If you have any questions please contact us to speak with our friendly real estate specialists. 


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