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GST Suvidha Center WB093 offers Trust Audit services designed to streamline your business operations. Visit us to experience professional, reliable, and personalized solutions.

GST Suvidha Center : Your Trusted Partner for Trust Audit . Get Trust Audit Services under gst suvidha center franchise in all over India.There are special accounting rules for trust accounts and a Trust Audit is designed to ensure compliance with accounting rules.

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Trust Audit

There are special accounting rules for trust accounts and a Trust Audit is designed to ensure compliance with accounting rules.

It aims to set out the thought process that should be adopted when considering who, within an audit firm, can or should act as a trustee of a trust which has an investment in an audit client.A Trust Report is asked to be made each financial year by Chartered Professional Accountant to summarize the findings of the Trust Audit. The relevant Professional Standards Regulation Board will provide a list of procedures to be followed to complete the annual Trust Audit. The Accountant will choose a sample of accounts to audit based on the guidelines provided and complete the required procedures on the sample chosen.

Any findings of non-compliance with the regulations laid out by the Professional Standards Regulation Board are reported in the Trust Report. The Trust Report is then sent to the appropriate Professional Standards Regulation Board for the Board to review and act upon if required.

Trust Audit

Reasons Why It Is Important

Trust audits play a crucial role in ensuring the proper management of trusts. They help to:

  • Protect the interests of beneficiaries
  • Prevent fraud and mismanagement
  • Ensure compliance with legal requirements
  • Enhance transparency and accountability

 

  • Provides Objective Insight

     Improves Efficiency of Operations

     Evaluates Risks and Protects Assets

     Assesses Controls

     Ensure Compliance with Laws and Regulations
Importance Trust Audits

Benefits of Obtaining Trust Audit Services Through GST Suvidha Center

  • Expertise: The center has a team of qualified auditors with expertise in trust auditing.
  • Efficiency: The center streamlines the process of conducting trust audits, reducing the time and effort required.
  • Compliance: Trust audits ensure compliance with applicable laws and regulations, minimizing the risk of legal issues.
  • Transparency: Trust audits provide transparency and accountability in the management of trust funds.

Protection of Beneficiaries’ Interests: Trust audits help safeguard the interests of beneficiaries by ensuring that the trust is being managed in their best interests.

Benifits Of Trust Audit

How to Obtain Trust Audit Services at GST Suvidha Center

  1. Contact the Center: Reach out to the center to discuss your trust audit requirements.
  2. Provide Information: Provide the necessary information about the trust, including the trust deed, financial records, and any relevant documentation.
  3. Audit Engagement: The center will enter into an audit engagement agreement with you.
  4. Audit Process: The auditors will conduct a thorough examination of the trust’s financial records, activities, and compliance with applicable laws.
  5. Audit Report: The auditors will prepare a detailed audit report outlining their findings and recommendations.
How To Obtain

Documents Required For Trust Audit

  •  Certified copy of the instrument under which the trust/institution was created/established, if applicable

     Certified copy of the document evidencing the creation of the trust or the establishment of the institution, if applicable

     Certified copy of registration with RoC/Registrar of Firms & Societies/Registrar of Public Trusts, whichever applicable

     Certified copy of the documents evidencing adoption or modification of the objects, if any
  •  Certified copy of the annual reports of the trust/institution for a maximum three immediately preceding financial years, if applicable

     Note on activities

     Certified copy of existing order granting registration under section 12A or section 12AA, if any.

     Certified copy of order of rejection of application for grant of registration under section 12A or section 12AA, if any.
Required Documents

Types of Trust Audits

There are different types of trust audits, including:

  • Financial audits: To verify the accuracy of the trust’s financial statements.
  • Compliance audits: To ensure compliance with applicable laws and regulations.
  • Performance audits: To assess the effectiveness of the trust’s management.
Types of Trust Audits

Conclusion

GST Suvidha Center  has emerged as a valuable resource for trustees seeking professional trust audit services. By providing a convenient, efficient, and expert service, the center helps ensure the proper management of trusts and safeguards the interests of beneficiaries. If you are a trustee looking for reliable trust audit services, GST Suvidha Center  is an excellent choice.

Conclusion

FAQ's

All About Trust Audit

Audit program

A compliance audit is the examination of books, records and accounts to assess compliance with the requirements of the Law Society Rules, the Code of Professional Conduct for British Columbia (the BC Code) and the Legal Profession Act. All law firms in BC are subject to a Law Society compliance audit and Rule 3-85 authorizes the Law Society to perform the audit.

The primary goal of the compliance audit is to ensure that all lawyers and firms adhere to the rigorous trust accounting standards required to maintain public confidence in the legal profession and to ensure the safe handling of trust funds. The compliance audit process also provides guidance to lawyers and law firms with respect to the trust accounting rules and auditors can advise on how to correct minor rule breaches before they lead to serious issues of non-compliance.

 

Auditors from the Trust Assurance Department of the Law Society, who are Chartered Professional Accountants (CPA), will conduct the audit. Trust Auditors may also hold other designations such as Certified Anti-Money Laundering Specialist (CAMS) and Certified Fraud Examiner (CFE).

 

No, the compliance audit program is funded by the trust administration fee and is at no additional cost to law firms.

 

Audit selection

Audits are randomly selected with the overall goal to audit each firm at least once within a 4- year or 6-year cycle, depending on the firm’s area of practice. However, we may audit a firm more than once in a cycle in certain instances. Some examples include:

  • the failure to file a trust report or file a trust report in a timely manner;
  • information on a trust report that indicates non-compliance with the trust accounting rules;
  • a referral from another department of the Law Society; and
  • deficiencies that were identified during a previous compliance audit that require follow up.

 

Firms that do not maintain trust accounts are still required to maintain books, records and accounts that comply with the provisions of the Legal Profession Act, the Law Society Rules and the BC Code.

Filing a trust report is an annual reporting requirement independent from a compliance audit. As such, the review periods of the trust report and compliance audit may coincide. The trust report does not replace a compliance audit, or vice versa. There are two types of trust reports:

  • Self-Report, which is completed entirely by the firm; and
  • Accountant’s Report, which requires the firm to engage an independent and qualified CPA to complete Section C of the report.
 

Schedules, availability and communication

Where there is a scheduling conflict, the responsible lawyer must contact us to request a reschedule of the audit within one week of receipt of the introduction letter. The audit cannot be postponed longer than two months and cannot be cancelled. We require the client trust ledgers from the audit period start date to the date of our letter and the most recent reconciliation of the main pooled trust account in order to consider the reschedule request.

We strive for minimal disruptions to the firm and try to accommodate the lawyer’s schedule. The responsible lawyer needs to be available for the interview meeting and to answer the auditor’s queries periodically throughout the audit. If we are conducting the audit remotely, we will conduct most communication via email or TitanFile.

In most cases, we will require the contact information of the individual responsible for preparing the books and records to answer applicable questions.

The Law Society has vetted TitanFile to be a secure platform to upload documents and exchange correspondence. Communication via TitanFile is recommended, but not mandatory.

Onsite or remote

The compliance audit will be conducted at the Law Society office in Vancouver. If there are special circumstances preventing the audit from being conducted remotely, please contact us immediately.

If it has been determined that the compliance audit will be conducted at the firm’s office, the auditor must be provided with a suitable workstation. At minimum, the auditor requires a quiet location with a desk, comfortable chair, and access to an electrical outlet to plug in a laptop. An area in reception or the reception desk is not a suitable location. The auditors are unable to attend the lawyer’s residence or home office.

 

Books and records

Our letter provides a table listing records required to complete the audit, along with the applicable due dates.

Client trust ledgers generated from an accounting software should be provided in both PDF and Excel format. All client trust ledgers for the audit period must be provided, including archived and inactive ledgers, generated on one report. All other reports, including the monthly trust reconciliations, should be provided in PDF.

No, the auditor will not be accessing the accounting records through the firm’s computer system. We ask that the firm provide electronic copies or paper copies of the requested accounting records and client files.

Yes. The auditor will request a sample of approximately five to ten client files to review. Please provide the complete client file, client identification and verification records, and the client trust ledger since inception for each selected file. If you have questions about the contents of the client files, please discuss this with your auditor. Section 88 of the Legal Profession Act preserves the confidentiality or privilege that may be contained in any documents provided to the auditor.

Audit process

If the compliance audit is completed remotely, an auditor will contact the firm to advise they have started the compliance audit and to arrange for an interview with the lawyer responsible for the accounting records. If the compliance audit is completed onsite, the auditor will interview the responsible lawyer during the audit, usually on the first day. The interview assists the auditor to understand the firm’s processes and procedures. The responsible lawyer may wish to have the firm’s bookkeeper attend the interview.

, the duration may vary and is dependent on the complexity of the areas of practice, the timeliness of receiving records and explanations, and the auditor’s schedule.

Yes, at the conclusion of the audit we will deliver a Compliance Audit Summary Report and discuss the audit findings as described in the report. We will follow up with a letter providing additional resources. The letter may ask for a written response with information and/or confirmation that the firm has implemented appropriate measures to ensure compliance with specific rules. If the deficiencies in the trust accounting records are serious, we may arrange a subsequent audit to assess whether the firm has carried out the corrective actions required to ensure compliance.

Yes, a trust report is required every 12 months, regardless of the timing of the compliance audit. A filing notice with instructions will be sent to the firm 3 months before the trust report is due. The filing notice will advise whether the firm is required to file a Self-Report or an Accountant’s Report for that reporting period.

 

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