![]() However, there is audit relief in Australian where a member does not operate a trust account and can only co-authorise transactions on a client bank in conjunction with the client. All requirements of the standards (including the need for an audit in Australia) apply. The standards apply when you or your staff have authority to transact on a client's bank account as part of the provision of services to that client. Members sometimes act as a signatory on a client bank account. The requirements of APES 310 audited annually.īeing a signatory on a client bank account In Australia, you also need to have your compliance with there are adequate internal controls and procedures in place.you keep adequate records of all transactions and.monies are dealt with according to the client’s instructions.This requires you to establish a separate bank account (or multiple bank accounts) where client monies are held in trust.Īlternatively, members may have authority to transact on client bankĪccounts either solely or in conjunction with one or more other people. Keep it separate and safeĪll client money must be handled in an account separate to your business funds. ![]() It also excludes money dealt with by an insolvency practitioner under any insolvency legislation for which a separate bank account is opened by a receiver, liquidator or similar person. It includes money that you and your personnel have no present entitlement. Client money is any money coming into the control of a member in public practice, or any of the member’s personnel which are the property of a client. ![]()
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