A trust audit that starts with the evidence
At year end the assurance pack sets out what your trust auditor or accountant needs: balances, flows, every monthly reconciliation and any missing month, segregation of duties, reversals, trust creditors and compliance. The accounting firm you appoint also brings the trust register into your annual financial statements as a note — trust money is not the practice’s asset, and the trust creditors are not its liabilities.
Who uses it
- Partner
- Trust auditor
- Accounting firm
What it does
- The assurance pack for the year: balances, flows, reconciliations with missing months listed, segregation, reversals, creditors at year end and compliance.
- For the registered auditor’s report (South Africa), the accountant’s certificate (Kenya) or an inspection (Nigeria).
- Request the audit or certificate from your workspace.
- A “Trust money held for clients” note in the statements: balances by kind of trust account and who they are owed to, for the year and the year before, with checks that money held equals creditors and the year-end reconciliation was signed.
How it works
- Close the year’s reconciliations.
- Appoint your auditor or accounting firm.
- Share the assurance pack.
- Add the trust note to the statements.
The controls that protect it
- The note checks that trust money held equals the trust creditors.
What it does not do (yet)
- The assurance pack is data for the auditor (JSON and CSV), not the auditor’s report itself.
