QBCC AUDITS
The Queensland Building and Construction Commission (QBCC) is responsible for monitoring trust account compliance and has the authority to conduct audits of trust accounts. As a trustee, it’s not a matter of if but when you will be audited.
Here’s my advice for trustees gearing up for these audits:
1. Stay Vigilant with payments
Timeliness is key. Ensure you issue necessary documents like payment schedules and supporting statements promptly, adhering to required timelines for payments.
2. Prepare Thoroughly
Maintain meticulous records of all trust-related information from the outset. This not only streamlines the audit process but also showcases your commitment to compliance.
3. Seek Guidance
Whether pre-emptively or during the audit, don’t hesitate to ask questions or seek advice. Reach out to the QBCC or a specialist like Building Trusts to clarify any uncertainties. Addressing concerns proactively can mitigate compliance risks.
SUPPORTING FACTSHEET
The following factsheet has answers to common questions regarding QBCC audits and a list of all documents that the QBCC ask for when conducting the audit.
Need further information?
Please reach out if you have any questions or feedback – we’re happy to help where we can!
Thanks kindly,
Laura and the Building Trusts team
Call 0481 194 000 or email [email protected].