Login on website with OTP is easy.

+91 7827382889

Trust Audit

Trust Audit

Here 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


Reasons Why It Is Important

  •  Provides Objective Insight
  •  Improves Efficiency of Operations
  •  Evaluates Risks and Protects Assets
  •  Assesses Controls
  •  Ensure Compliance with Laws and Regulations

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.

Download App


Scan to Download Jangstkendra App