Facing a trust account audit might feel daunting, but it doesn’t have to be. Understanding exactly what happens during an audit can transform the process from intimidating to empowering. At Trust Account Audits, we pride ourselves on transparency, ensuring you’re informed and comfortable every step of the way. Here’s exactly what to expect when partnering with us.
Step 1: Initial Consultation and Onboarding
The first step in our process is a simple, friendly consultation to get to know you and your business. We aim to understand your unique situation and clearly outline the audit procedure.
Gathering Information
We’ll request documents such as your bank statements, trust account records, receipts, and reconciliations.
Establishing Timelines
Clearly setting out expected timeframes and responsibilities ensures no surprises along the way.
Clarifying Expectations
You’ll know precisely what we’ll review, why we review it, and how it benefits you.
This initial conversation isn’t just a formality—it sets the stage for a smooth, efficient audit.
Step 2: Comprehensive Audit Commencement and Review
With your documents in hand, our auditors begin a thorough examination of your trust account records, focusing on accuracy, compliance, and clarity.
During this stage, we check:
Transaction accuracy, ensuring all money movements align with recorded transactions.
Compliance with state and national regulatory requirements.
Proper reconciliation practices, confirming that funds held match client obligations accurately.
Throughout this step, our aim is thoroughness without disruption. We conduct our audit efficiently to minimise interruptions to your daily business operations.
Step 3: Identifying and Addressing Discrepancies
If our auditors identify discrepancies or compliance issues, we promptly communicate these clearly and constructively.
Transparent Communication
We’ll outline exactly what the issue is and how it arose, avoiding technical jargon or unclear language.
Collaborative Problem-solving
Our team actively collaborates with you to rectify issues, ensuring you fully understand corrective measures.
Preventative Recommendations
Beyond immediate fixes, we advise on practices to avoid future problems, empowering you with practical knowledge.
This proactive approach means compliance issues become opportunities for improvement, not merely problems to be solved.
Step 4: Comprehensive Reporting and Practical Recommendations
Following the audit, we deliver a comprehensive yet easily understandable report outlining our findings clearly and concisely.
Your report will include:
A clear compliance status summary.
Detailed explanations of findings, highlighting both strengths and areas needing attention.
Practical, actionable recommendations tailored specifically to your business processes.
We don’t just tick boxes—we deliver insights that help you improve and streamline your operations.
Step 5: Follow-up and Ongoing Support
At Trust Account Audits, the audit doesn’t end with delivering a report. Our proactive approach means we’re always here to support you.
Ongoing Guidance
Have follow-up questions? Our team remains accessible and responsive.
Regular Check-ins
We periodically touch base to ensure your business maintains compliance and continues thriving.
Continuous Improvement
Our auditors offer advice and resources to support ongoing improvements in your trust account management processes.
Audit Without Anxiety: Confidence and Control
At Trust Account Audits, our goal is simple: to make your trust account audit straightforward, clear, and empowering. Our transparent, collaborative approach ensures you’re informed, confident, and in control at every step. Compliance shouldn’t feel overwhelming—with the right partner, it’s a manageable and valuable aspect of your business operations.
Ready to experience stress-free audits that enhance your business practices?
Contact Trust Account Audits today—let’s discuss how we can simplify compliance and support your continued success.
Call us now and we’ll walk you through exactly what you need to get audit-ready