For firms that audit Real Estate Trust Accounts, it's nearly time for the first visit for the new year. To this end we are carrying out a review of the Compliance Engagement - Real Estate Trust Account. This has not been done for a couple of years so is timely.
The first update we have done is to the Internal Control Checklist (page B2). This includes updating some outdated terminology, removing some repetition, and specifically adding in requirements from the Real Estate Agents (Audit) Regulations 2009, and the Real Estate Agents Act 2008, including a new section on related parties. Thanks to the firms that have helped up with this.
Most answers from previous years will carry over on rollover into the new page, even when the order and grouping has changed, but of course the new areas will need to be addressed. We hope users find this helpful.