Western Australia Real Estate Agents Trust Account Audits
The Real Estate and Business Agents Act 1978 (the Act) and the Real Estate and Business Agents (General) Regulations 1979 (the Regulations) require the strict maintenance of a formal set of trust account records, which show at any time the state of a real estate and business agent’s trust account. To audit an agent’s trust account, a person must be a registered company auditor, under Part 9.2 of the Corporations Act 2001(Cwlth).
What are the annual duties of an agent regarding trust account audits?
Agents who hold a current triennial certificate must cause the trust accounts to be audited by the approved auditor and the audit report lodged with Consumer Protection (section 70(1) and (3)). If the agent has not held any trust funds during the year, then the agent is not required to have an audit and must instead lodge a statutory declaration to this effect (section 86). All audit reports or statutory declarations (as appropriate) must be lodged within three months of the end of each calendar year. It is the auditor’s responsibility to deliver the audit report to Consumer Protection.
Further information can be found at www.commerce.wa.gov.au/consumer-protection/auditors
Refer: section 70(3) of the Act
To Change an Auditor
Under section 73(3) of the Act, an agent must continue to engage the statutory appointed auditor unless the Commissioner approves a change in the appointment. Agents seeking to change their statutory appointed auditor must lodge an application with Consumer Protection no later than one month after the end of the year to be audited. Therefore the audit period which ends 31st December 2018 the commissioner must receive the application by 31st January 2019.
Applications for a change of auditor will not be accepted after this time, as it will be nearing the due date for the annual audit. A change of auditor request form can be downloaded at
The Commissioner does not consider delays caused by a change in the appointment of auditors as an acceptable reason for granting an extension in time for the submission of the audit report.
- Audit Period:1 January to 31 December
- Audit Due Date:31 March
- Change of auditor application closing date: 31st January
Simeoni Real Estate Client Services
Simeoni & Co Pty Ltd is registered with ASIC as an autorised audit company (Reg.No 332869) under Corporations Act. 2001 Subsection 1299c(2).
Simeoni is Australia’s largest specialist in real estate trust account auditing and has been for more than 25 years.
As real estate trust account auditors; Simeoni is proud to deliver an excellent, no-fuss and straightforward audit service customised to the needs of real estate agents as follows;
- Upfront & fixed pricing
- Value for money
- Helping you to avoid future breaches
- Minimal disruption to your business
- Immediate feedback and status updates
- Friendly specialist team
- Highly acclaimed and efficient audit process
- Lodgement on your behalf by the due date
Simeoni offers the flexibility of either:
– Conducting the audit at your premises to ensure all relevant documents are secured within your office or;
– An in-house audit at Simeoni’s office where we have been approved access to your software systems and documents.
Please contact our auditors on (02) 9370 0400 or email: firstname.lastname@example.org to receive a proposal tailored to your needs.