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
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