Audit Service

At Mas Tax Accountants (Cranbourne) we can provide following Audit services

Trust Account Audit

Accountant’s Trust Accounts

APES 310 Dealing with Client Monies relates to monies coming into control of a Member in Public Practice (the Member) which are the property of a client to which the Member has no present entitlement.  The Member may deal with client monies through a trust account or a client’s bank account.  Members who hold a certificate of public practice of IPA, CPA and CAANZ are able to undertake a trust account audit for another accountant.

Real Estate Agent Trust Account Vic

A real estate agent must have its trust accounts audited each year within three months after 30 June by an approved auditor. Our fee for Real estate trust account audit is $400+GST.

Conveyancer Trust Account Audit

Incorporated Associations – Victoria

Under the Associations Incorporation Reform Act 2012 (the Act), an association falls within one of three tiers according to its total revenue.

Tier one – revenue is $250,000 or less.  Tier one associations do not have any additional reporting requirements. They do not need to have their financial statements externally reviewed or audited unless:

  • its rules state otherwise (audit or review)
  • a majority of members vote to do so at a general meeting (review only), or
  • Consumer Affairs Victoria directs them to do so (review only).

Tier two- revenue more than $250,000 but less than $1million.  Tier two associations must have their accounts reviewed by an independent accountant. The accountant’s report of the review must be presented to members at the annual general meeting. Tier two associations do not have to audit their accounts unless its rules require an audit.

Audit of Companies Limited by Guarantee

Prior to the commencement of the Corporations Amendment (Corporate Reporting Reform) Act 2010, all companies limited by guarantee had to prepare a financial report which required an audit, because they were classified as public companies.

  • Tier 1 (annual revenue less than $250,000 and does not have deductible gift recipient status) – has no obligation to prepare a financial report or have its financial report audited, unless required to do so under its constitution or a member or ASIC direction;
  • Tier 2 (annual revenue is $250,000 or more but less than $1 million or that have deductible gift recipient status) – must prepare a financial report which they could elect to be reviewed rather than audited.  Contact us here or call us on 0466744704/03 8759 5532 to discuss your needs.