The Queensland Department of Justice’s Office of Fair Trading (OFT) has sought feedback on its online lodgement process for trust account auditors’ reports. They were particularly interested in hearing about the user experience and any thoughts on the wording of the portal questions.

CA ANZ consulted with auditor members in public practice and provided the following recommendations for improvement:

1. Improve two-way data sharing between the OFT and auditors.
2. Remove the portal questions and conduct a public consultation prior to implementing any future questions.
3. Review the scope of the statutory audit requirements and make changes if required to improve consumer protection.
4. Clarify what the applicable AUASB standard is for this engagement and the level of assurance (reasonable or limited) that is required.
5. Liaise with the AUASB to revise the sample auditors’ reports in the guidance to ensure they are consistent with the requirements of the AUASB standards.

Our members' insights will enable the Queensland OFT to ensure the portal is user-friendly and supports auditors in fulfilling their obligations effectively.