All companies that deal with clients’ money need to be able to demonstrate to clients and other stakeholders, including their regulator, that their accounting methods are transparent, efficient and accurate.
Small and large companies all need effective processes and procedures and controls if this objective is to be achieved. This applies to all firms handling client money and will be helpful to property managers, letting agents, auctioneers and firms receiving client money to administer, for example project managers.
This section sets out the main requirements that all companies should consider to establish and maintain good accounting procedures and controls and to prevent problems arising. In addition it advises on fraud prevention and what to do if fraud is discovered.
RICS standards and guidance
- RICS property measurement
- UK commercial real estate agency
- New rules of measurement
- QS and construction standards
- Residential property standards
- Valuation standards
- List of RICS standards and guidance
- RICS standards and guidance archive
General requirements for client accounting
- Accounting records
- Types of accounting systems
- Client bank accounts and administration
- Client bank account reconciliations
- Controls over client money receipts
- Payments from client accounts
- Reporting to clients
- Service charges accounting
- Staffing requirements, segregation of duties and internal controls