Elements and Performance Criteria
- Review trust account for compliance with trust account requirements
- Clearly identify, accurately record and continuously update practice trust account requirements in line with relevant legislation and regulations
- Develop policies and procedures for accurate trust account-keeping which comply with trust account requirements, key principles of accounting and financial management, and legislative requirements
- Identify and apply criteria for evaluating electronic and manual trust accounting systems to ensure compliance with all trust account requirements
- Establish and manage trust accounts
- Identify and access source documents for trust transactions in line with legislative requirements
- Produce documentation of trust records and transactions to give an accurate record of practice transactions on behalf of clients
- Ensure transactions are supported by appropriate authorisation and documentation and are in line with practice and legislative requirements
- Promptly and accurately record entries and transactions in line with relevant trust account requirements, and provide on demand as required
- Promptly follow up discrepancies in entries or documentation to ensure clarification or resolution and report to relevant authorities where necessary
- Check audit and security arrangements to ensure they provide adequate protection for client confidentiality and client funds held in trust
- Manage and control trust accounts
- Authorise and manage disbursements between trust and office accounts within agreed practice protocols and legislative requirements
- Make appropriate arrangements with third parties and other professionals to ensure that practice trust accounts comply with legislative requirements
- Disseminate or make readily available practice trust administration policies and procedures to relevant staff in line with practice and legislative requirements
- Provide ongoing training for relevant practice staff to ensure efficient operation of trust accounts and financial and IT systems, and compliance with practice and legislative requirements
- Develop and implement procedures for monitoring records and ensuring the security of trust account records
- Monitor and review trust accounts
- Regularly review documentation and other reporting requirements for compliance with legislative requirements
- Regularly check and monitor trust account entries and transactions to ensure compliance with practice and legislative requirements
- Monitor trust account transactions to ensure appropriate authorisation is obtained prior to any disbursements
- Authorise and verify trust accounts