Annual trust account reviews | Queensland Building and Construction Commission

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When to conduct review

  • There is NO set review period for project trust accounts. 
  • For retention trust accounts, account reviews must occur at the end of a  review period . 
  • The QBCC can give a direction for an account review of a project trust account or a retention trust account. In this case, the review period and timeframes for compliance will be stated in the direction.

Review period

The review period for retention trust accounts is:

  • for the first annual review—12 months starting from the day the account was opened
  • for a subsequent annual review—12 months starting the day after the previous review period ended
  • for closure of a retention trust account—the day the account was opened (if no previous review has been undertaken), or the day after the last review was completed, until the day the account was closed.

Review start

The account review must: 

  • start within 20 business days of the end of the review period (or within 20 business days of the account being closed)
  • be completed within 40 business days after the review commenced. 
If the account review is being carried out as per a direction by the QBCC, the timeframes given in the direction must be followed.


Review completion

The auditor must:

  • prepare an account review report and submit this to the QBCC within 20 business days after completing the review.
  • provide a copy of the review report to the trustee for their records. 

When a trust account review is not required

Trustees are exempt and do not need to engage an auditor to complete a retention trust account review if BOTH of the following apply:

  • no retention amounts were held in the trust account during the review period
  • the QBCC is given a notice (advising why the trustee did not engage an auditor to carry out the review) within 10 business days after the end of the review period using Form TA5—notice of no trust account review using Form TA5.

Form TA5—notice of no trust account review (PDF, 71KB)

Auditor to conduct review

The trustee must engage an auditor to carry out account reviews. The auditor must be:

  • independent of the trustee (for example, not an employee or related entity to the trustee) 
  • a registered company auditor—registered company auditors can be found using the ASIC register
  • not excluded by the QBCC commissioner.

The trustee is responsible for engaging the auditor. There is no requirement for the trustee to notify the QBCC of the appointment.

Once an auditor is engaged, the trustee must give them access to any trust records requested by the auditor to enable them to carry out the review.

Role of the auditor

There are a range of rules for using a trust account (administration requirements) and other obligations on the trustee in relation to compliance with the trust framework. The trustee is responsible for ensuring both administration requirements and other obligations are met. 

An auditor is only required to assess compliance as it relates to the administration of the trust.

An auditor must:

  • conduct a review of the trust account records based on a methodology as outlined in ASAE 3100 (Compliance Engagements) for conducting a reasonable assurance engagement on compliance 
  • prepare an account review report to detail the outcome of the review including whether they believe the trustee has complied with the requirements for the administration of the trust account or outline areas where non-compliance has been identified
  • submit their account review report to the QBCC online via myQBCC
  • provide a copy of the account review report to the trustee.

For more information, view the Auditor guide—trust accounts (PDF 714KB).

If, when completing the account review, an auditor believes that any serious instances of non-compliance or irregularities apply in relation to the trust account and/or the trustee, these must be reported to the QBCC within 5 business days of forming the opinion, either:

  • online via the myQBCC portal or
  • completing and lodging a Form TA6: 

Form TA6—breach of trust account requirements complaint (PDF, 71KB)

Last reviewed: 10 Sep 2021 Last published: 10 Sep 2021
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