Property practitioners have unique audit requirements that extend from the business records to the trust accounts.
The property practitioner industry also has specific legislation that directs how the accounting records for business and trust are to be kept, turned into financial statements / trust reports and audited.
Are you comfortable with your audit responsibilities relative to:
- The new ISA 315 and ISA 330 (Revised) on the business financial statements,
- Deciding which assurance standards to apply to business VS trust audits
- The trust account compliance audit,
- Audit report for trust and business,
- Auditing compliance with other legislation e.g., FICA, and
- Agreed upon procedures engagements on trust interest and unidentified receipts.
Property practitioner audit deadlines are 6 months after year end.
Join us as we help audit managers and partners navigate the pre-engagement, planning and finalisation phase of an audit of a property practitioner, including its trust accounts.
Identify and clarify the audit requirements of a property practitioner and what your auditor reporting responsibilities are.
Discuss the phases of the engagement pertaining to the business financial statements and trust accounts, and highlight the key things to look out for as part of preparing your working papers. We will consider the implications of the revised ISA 315 and 330. Phases to be discussed:
- Pre-engagement
- Planning
- Finalisation
☒Auditors
☒Audit managers
☒Audit partners
☒Engagement Quality Control Reviewers
