Trust Account Audits for Queensland Motor Vehicle Dealers (Consignment Sales)
If you're a licensed motor dealer in Queensland selling used vehicles on consignment, you're legally required to maintain a trust account and undergo annual audits. Our firm specialises in providing independent trust account audits to ensure your dealership complies with the Motor Dealers and Chattel Auctioneers Act 2014 and associated regulations.
Why Are Trust Account Audits Essential?
Selling vehicles on consignment means you're handling funds on behalf of vehicle owners. To protect these clients and maintain transparency, Queensland law mandates that dealers:
Establish and maintain a trust account for all consignment transactions.
Appoint a qualified auditor upon opening the trust account.
Conduct annual audits of the trust account.
Lodge the audit report with the Office of Fair Trading within the specified timeframe.
Failure to comply can result in significant penalties and damage to your business reputation.
Our Audit Services Include:
Comprehensive examination of trust account records.
Verification of compliance with legislative requirements.
Preparation and submission of the audit report to the Office of Fair Trading.
Recommendations for best practices in trust account management.
Why Choose Our Firm?
Experienced auditors familiar with the motor dealership industry.
Fixed-fee pricing with no hidden costs.
Timely and efficient service to meet your reporting deadlines.
Clear and concise reporting to help you understand your compliance status.
Further information
For more information on trust account requirements for motor dealers in Queensland, visit:
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