Every year, real estate brokers and mortgage brokers are required by the Real Estate Council of Alberta (RECA) to provide a trust assurance and practice review audit (formerly compliance audit).
Real estate and mortgage brokers are required under Rule 91 of the Real Estate Act Rules to submit an Accountant's Audit Report to the Council, no later than three months after the brokerage's fiscal year-end. The RECA trust account audit must be in prescribed form and penalties may be charged if the forms are not completed and submitted to RECA by the due date.
Any law firm, within four months from being approved to operate a trust account, must retain an accountant to complete a Startup Report.
Law firms are required to provide within four months after the law firm's fiscal year-end, an Accountant's Audit Report. The Accountant's Report replaces Form T as per revised Part 5 Rules effective January 1, 2012.
Every law firm must designate a Responsible Lawyer who must be accountable for the controls and the operations of the trust account.