In Australia, an accountant trust account audit is a compliance requirement governed primarily by professional standards rather than general commercial law, specifically APES 310 (Dealing with Client Monies), established by the Accounting Professional & Ethical Standards Board (APESB).

Mandatory Annual Audit: Any member in public practice (CA ANZ, CPA Australia, or IPA) who holds or transacts client money—whether in a designated trust account or via authority over a client’s bank account—must undergo an annual compliance audit.

Audit Standard Applied: Unlike a statutory financial statement audit, this is a compliance engagement conducted under ASAE 3100 (Assurance Engagements on Compliance). The auditor reviews adherence to APES 310 processes, authorisations, and reconciliations.

Review Relief (Limited Assurance): If an accountant does not operate a trust bank account directly and only has authority to co-authorise transactions on a client’s account alongside the client, a review (limited assurance) rather than a full audit is permitted.

Auditor Eligibility and Professional Qualifications: Hold a current Certificate of Public Practice (CPP) issued by CA ANZ, CPA Australia, or IPA. Registered Company Auditor (RCA) status is not required for APES 310 audits.