At Kingston & Knight Audit, we help law practices, estate agents, and conveyancers across Melbourne meet their annual trust account audit requirements. Our CPA/CA‑accredited, ASIC‑registered auditors deliver accurate, compliant and practical audits designed to protect your licence and keep your business running smoothly.
All audit pricing is customised to each client — there are no fixed fees. Each engagement is quoted individually based on your trust account structure, transaction volume and complexity.
Kingston & Knight Audit ensures the compliance of trust accounts held by approved licensees. Consumer law requires certain professional enterprises to open a trust account for money paid in advance by clients. For example, lawyers (or approved law clerks) and estate agents must deposit specific funds received from clients into a trust account. Approval to deposit into a trust account may be required from Consumer Affairs Victoria.
Estate agents are required to deposit certain payments—such as rental bond payments—into an approved trust account. Legal practices must deposit funds received in advance for certain services into a trust account, from which money may later be drawn into a general business account when entitled.
For compliance purposes, client money is money entering a licensed practice to which the entity and its personnel have no present entitlement. Legally, those funds remain the client’s property and must be banked into a compliant trust account, separate from business funds, and tracked through the trust ledger, receipts/disbursements, and monthly reconciliations.
Depending on operations, a licensee may open separate trust accounts for individual clients or maintain a pooled trust account. In all cases, the account must be appropriately designated and named to meet compliance.
A compliant trust account name must include the business/practice name and an expression that makes the purpose clear (e.g., “Law Practice Trust Account”). Where an approved clerk opens the account, that status must be specified in the account name.
ASIC sets standards for auditing and audit compliance nationally. In Victoria, law practice trust accounts are regulated by the Victorian Legal Services Board (VLSB), and estate agent & conveyancer trust accounts are regulated by Consumer Affairs Victoria (CAV).
Trust account compliance audits may be performed by individuals or firms holding a CA ANZ, IPA, or CPA certificate of public practice. ASIC‑registered company auditors may also perform these audits if appropriately accredited.
Kingston & Knight Audit is accredited by CPA Australia and CA ANZ. Our Melbourne auditors are also ASIC‑registered, providing clients confidence in our professional integrity and reliability.
Typical turnaround: Most audits are completed within a few business days after receiving full documentation.
The Kingston & Knight Audit team brings over 40 years’ combined experience in financial services and assurance. Beyond technical compliance, our advantage is clear communication and responsive service for Melbourne clients—so you understand what to do, when to do it, and why it matters.
If you hold client funds in trust, you’re legally required to have your account independently audited each year. This includes law practices, estate agents and conveyancers.
We’ll need your trust ledger, bank statements, monthly reconciliations, receipts, disbursement records and prior audit reports.
Most audits are completed within a few business days once we’ve received complete records.
Yes. We explain any compliance issues and guide you through practical fixes to help you remain compliant.
All pricing is customised based on your scope and complexity. After reviewing your records, we’ll provide a detailed written proposal with fees and turnaround times.
To discuss your trust account audit requirements, contact our Melbourne team for a confidential consultation.
Call: 03 9863 8334 | Email: audit@kingstonknightaudit.com.au