Elements and Performance Criteria
- Review trust account for compliance with trust account requirements
- Practice 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, and legislative requirements
- Criteria for evaluating electronic and manual trust accounting systems are identified and applied to ensure compliance with all trust account requirements
- Establish and manage 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 practice transactions on behalf of clients
- Transactions are supported by appropriate authorisation and documentation and are in line with practice and legislative requirements
- Entries and transactions are promptly and accurately recorded in line with relevant trust account 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 practice protocols and legislative requirements
- Appropriate arrangements are made with third parties and other professionals to ensure that practice trust accounts comply with legislative requirements
- Practice trust administration policies and procedures are disseminated or made readily available to relevant staff in line with practice and legislative requirements
- Ongoing training of relevant practice staff is provided to ensure efficient operation of trust accounts and financial and IT systems, and compliance with 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 practice and legislative requirements
- Trust account transactions are monitored to ensure appropriate authorisation is obtained prior to any disbursements
- Authorise and verify trust accounts