Prescribed information for audit report
Schedule Prescribed information for audit report
section 23(1)
1 The period of the audit.
2 The auditor’s name.
3 The auditor’s qualifications to act as an auditor for a trustee under the Act.
4 If the auditor is a member of a firm appointed as an auditor for a trustee under the Act—the firm’s name.
5 The address of each place of business to which the audit report relates.
6 The name of the trustee to which the audit relates.
7 If the trustee is a registered business name, the name of each member of the business.
8 Whether, in the auditor’s opinion, the trust account has been kept in accordance with the Act.
9 If the trustee has been a trustee for 12 months or more, the day an unannounced examination of the trust account was conducted by the auditor.
10 The name of each trust account and the name of each financial institution at which a trust account has been kept.
11 Whether the auditor also audits the trustee’s general account.
12 Whether the auditor has—
asked the trustee for permission to examine the trustee’s general account; and
been refused permission.
13 Whether a trust account has been overdrawn and, if so, the particulars of the overdrawn account.
14 Whether a trust ledger account has been overdrawn.
15 If a trust ledger account has been overdrawn—
the date it was overdrawn; and
the amount by which it was overdrawn; and
the date the account reverted to a nil or credit balance; and
the reason why it was overdrawn; and
whether, in the auditor’s opinion, the overdrawing was promptly corrected; and
if the overdrawing was not promptly corrected—the reason why it was not promptly corrected.
16 Whether the trust account cash book has been reconciled with the trust account financial institution statement balance and the trust account ledger each month.
17 The receipt numbers of the following—
each trust receipt form used in the audit period;
each unused trust receipt form given to the auditor.
18 A statement containing the following particulars—
any amounts held in trust by the trustee on the last day of the financial period;
the name of the person on whose behalf the amounts are held;
a reconciliation of the trust account cash book with the trust account financial institution statement balance as at the last day of the financial period.
19 Any information about the trust account that, in the opinion of the auditor, should be included in the report.
20 Particulars of trust moneys—
held by the trustee on the last day of the audit period; and
to which a person has been absolutely entitled for at least 1 year as at the end of the financial period.
21 Particulars of any amount invested by the trustee under section 16(2)(a).
22 A statement that the auditor holds professional indemnity insurance as prescribed by this regulation.
23 The name of any approved signatory, other than the trustee, to the trust account in the financial period.
24 Whether the trustee has given a security under section 31 of the Act.
25 Whether the auditor has complied with the auditing procedures and standards prescribed under this regulation.
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