Reference no: EM133024502

Develop a policies and procedures document for accurate trust account keeping which comply with trust account requirements, key principles of accounting and financial management, agency practice and legislative requirements.

Use the CSRE Procedure Template provided which is attached to the question and upload.

Make sure to cover and discuss: (You can use these points as headers in your policies and procedures document.)

a. Authorisations (Operating, monitoring)

b. Security arrangements (Systems design, fraud control, risk management and supervision of trust account entries and disbursements. Internal control mechanisms in system specifications)

c. Documentation of trust records and transactions

d. Discrepancies (Methods of identifying and reporting discrepancies)

e. Audit (reporting and auditing requirements of trust accounts)

f. Use of third parties and other professionals to ensure compliance with legislative requirement