🧾 Audits don’t have to be stressful—just stay organized and you’ll be fine. Here’s a quick, easy checklist to get ready:

🏦 1. Keep your accounts up to date

• Make sure trust, commission trust, and general accounts are all reconciled
• Even though trust is the main focus, auditors will still ask for all accounts

📁 2. Organize your documents

• Keep bank statements, cancelled cheques, and deposit records sorted by month
• Make them easy to find (no digging required!)

💡 Tip: In Xero, create a folder for monthly reconciliations and upload everything as you go

🏦 3. Check your trust account name

• Your bank statement should clearly show:
  “REAL ESTATE TRUST ACCOUNT”

🏢 4. Office compliance items

• Display your company licence in a visible office area
• Keep a list of all employees + licence numbers
• Have sample business cards ready
• Keep recent advertising examples (they check agent titles like “sales representative” or “broker”)

📊 5. Deal & transaction access

• Give auditors access to Loft47, or export your deals list
• Be ready for them to review both closed and pending deals
• Ensure transactions are:
  • Approved
  • Properly documented
  • Supported with banking records

💡 Tip: Direct auditors to the Transaction page for each deal

⏱️ 6. Deposit timing check

• Trust deposits must be recorded within required timeframes after offer acceptance

👨‍💼 7. Broker availability

• Make sure the broker is available on inspection day

📌 8. Common audit findings (don’t panic—these are normal)

• Late trust deposit timing
• Missing broker approval
• Unsigned bank reconciliations
• Incorrect signing authority on trust accounts

👍 Final note

At the end, auditors usually issue a deficiency report—but it’s normal to have a few minor items. Their job is to review compliance and ensure everything is properly documented.