Reference no: EM133167399

Below question is part of Canberra (Australia) real estate course that i require help with please. 

An audit of the trust accounts held by your office has identified some discrepancies. Considering the seriousness of this situation, your manager has asked you to meet with them to discuss the arrangements you have implemented to maintain and monitor these accounts. 

Using information provided in the learner resources, or workplace documents, discuss the maintenance and monitoring of trust accounts. 

Your response should focus on: 

• processes established to ensure separation of trust accounts from other accounts 
• relevant trust account requirements 
• processes for disbursement of cash from trust accounts 
• security associated with trust accounts 
• authorities to access trust accounts in the agency 
• processes to monitor and supervise staff activities in relation to trust account transactions 
• required record-keeping of trust accounts 
• monitoring of trust accounts and actions taken when discrepancies are identified 
• reporting arrangements and checks made of trust accounts on a periodic basis 
• any other details which support the integrity of the processes which you have implemented to maintain trust accounts.