Approved audit program for trust accounts
The QBCC has approved this audit program to check compliance with the administration and record keeping of project trust accounts.
The scope of the Audit covers compliance with all sections of BIF Act 2017 that refer to record keeping and administration of the project trust account and includes, but not limited, to the following:
- compliance with giving required notifications
- completed Monthly Bank Reconciliations
- compliance around the administration of the deposits into and withdrawals from the trust account
- administration of Trust documents compliance.
Purpose of the program
To ascertain compliance by licensees with their obligations under Chapter 2 and related Schedules of the Building Industry Fairness (Security of Payment) Act 2017 to ensure compliance with the administration and record keeping of project trust accounts.
When the program starts
1 March 2022
The period over which the program is to be carried out
1 March to 30 June 2022
Objective criteria for selecting persons who are to be the subject of audit
The criteria for selection for audit will be:
- project trust account open date between 1 July 2021 and 28 February 2022
- one project trust account chosen per trustee
- trustee not audited in prior approved audit program.