Estate Agent Trust Audit

 

 

Estate Agent Trust Audit

 

Every Estate Agent that is entrusted with third party funds is required to have Estate Agent Trust Audit.  This is a requirement of the Estate Agency Affairs Board as well as the Estate Agency Affairs Act.  

 

When Trust money is paid to an Estate Agent this is required to be held in trust, and is to be kept in trust until the Estate Agent is legally entitled to it, or is instructed to make payment therefrom to any person.

 

The following additional requirements are required of Estate Agents:

  • Every Estate Agent is to open and keep one or more separate trust accounts
  • Accounts shall contain a reference to the specific section of the act
  • Estate Agents or their employees are to deposit all trust money held or received therein
  • The EAAB is to be notified of all accounts
  • The trust and business accounts and records are to be audited annually within 4 months of the financial year end, and a report confirming this is to be submitted to the EAAB by the appointed Auditor.

 

CFO360 offers comprehensive Estate Agency Trust Audit services as well as ancillary financial advice and guidance to Estate Agents.

 

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