Elements and Performance Criteria
- Review agency trust accounts for compliance with trust account requirements.
- Agency trust account requirements are clearly identified, accurately recorded and continuously updated in line with relevant legislation and regulations.
- Policies and procedures for accurate trust account keeping are developed which comply with trust account requirements, key principles of accounting and financial management, agency practice and legislative requirements.
- Criteria for evaluatingelectronic and manual trust accounting systems are identified and applied to ensure compliance with all trust account requirements.
- Establish and maintain trust accounts.
- Source documents for trust transactions are identified and accessed in line with legislative requirements.
- Documentation of trust records and transactions are produced to give an accurate record of agency transactions on behalf of clients.
- Transactions are supported by appropriate authorisation and documentation and are in line with agency practice and legislative requirements.
- Entries and transactions are promptly and accurately recorded in line with relevant trust account requirements and agency requirements, and can be provided on demand.
- Discrepancies in entries or documentation are promptly followed up to ensure clarification or resolution and are reported to relevant authorities where necessary.
- Audit and security arrangements are checked to ensure they provide adequate protection for client confidentiality and client funds held in trust.
- Manage and control trust accounts.
- Disbursements to and from trust accounts are authorised and managed within agreed agency protocols and legislative requirements.
- Appropriate arrangements are made with third parties and other professionals to ensure that agency trust accounts comply with legislative requirements.
- Agency trust administration policies and procedures are disseminated or made readily available to relevant staff in line with agency practice and legislative requirements.
- Ongoing training of relevant agency staff is provided to ensure efficient operation of trust accounts and financial and IT systems, and compliance with agency practice and legislative requirements.
- Procedures for monitoring records and ensuring the security of trust account records are developed and implemented.
- Monitor and review trust accounts.
- Documentation and other reporting requirements are regularly reviewed for compliance with legislative requirements.
- Trust account entries and transactions are regularly checked and monitored to ensure compliance with agency practice and legislative requirements.
- Trust account transactions are monitored to ensure appropriate authorisation is obtained prior to any disbursements.
- Authorise and verify trust accounts.
- Periodic reconciliation is verified by licensee in charge, in compliance with legislative requirements.
- Periodic financial reports are prepared and discussed with clients to ensure their continued accuracy.
- Records are maintained to enable them to be conveniently and properly audited.
- Legislative audit requirements are met.