Our Compliance Template for the audit of Real Estate Trust Accounts is written specifically for the Audit of Real Estate Trust Accounts in NZ.
- There are specific checklists that are written around the requirements of the 2009 Regulations, plus letters and reports that comply with the requirements of the Regulations and the 2008 NZ Real Estate Act.
- Testing is set up to cover the requirements for three visits.
- Includes testing of monthly returns.
- And specific editable audit report with options for modified (adverse, disclaimed and qualified) opinions.
Our PTE template is based on the SEA 3100 Compliance standard specifically for the Audit of PTE Trust Accounts in terms of NZQA Student Fee Protection Rules 2013 made under section 253 of the Education Act 1989.
- This has specific checklists for the different kinds of Trust Deeds: NZQA Standard Trust Deed, NZQA Static Trust Deed and NZQA Bank Bond Trust Deed.
- Tests are designed around compliance with the rules and the requirements of the Deeds. There are also internal controls checklists that address the specific requirements of the rules.
Our Compliance template for Body Corporates we made was framed for the purpose of auditing the trust accounts of companies that provide Body Corp admin services (like Crockers, Body Corporate Admin (BCA), Strata and First Street).
Strata for instance helps their clients sidestep the need for their own audit by having them pass a resolution that says:
“That section 132(2) of the Act does not apply to the Body Corporate for the forthcoming year but that all transactions of the Body Corporate are to continue to be made through the trust account of the Body Corporate Manager which is subject to audit, and that any interest earned be applied towards the cost of auditing the trust account, which is audited every two months.”
These larger managers tend to have good systems and appreciate the credibility that regular audit work gives them.
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