sec.39Audit on ceasing to be principal agent

### sec.39 Audit on ceasing to be principal agent This section applies if— an agent keeps a trust account; and the agent stops being a principal agent. An agent who is a licensee stops being a principal agent if the licensee stops carrying on business under the licensee’s licence on the licensee’s own behalf. The agent must, within 2 months after the agent stops being a principal agent— have the agent’s trust accounts audited by the agent’s auditor for the period— starting on the day immediately after the end of the period covered by the last audit of the trust accounts or, if the trust accounts have not previously been audited, the day on which the agent was first required to keep trust accounts; and ending on the day the person stops being a principal agent; and file the auditor’s signed original audit report with the chief executive. Maximum penalty—200 penalty units or 2 years imprisonment. (sec.39-ssec.1) This section applies if— an agent keeps a trust account; and the agent stops being a principal agent. An agent who is a licensee stops being a principal agent if the licensee stops carrying on business under the licensee’s licence on the licensee’s own behalf. (sec.39-ssec.2) The agent must, within 2 months after the agent stops being a principal agent— have the agent’s trust accounts audited by the agent’s auditor for the period— starting on the day immediately after the end of the period covered by the last audit of the trust accounts or, if the trust accounts have not previously been audited, the day on which the agent was first required to keep trust accounts; and ending on the day the person stops being a principal agent; and file the auditor’s signed original audit report with the chief executive. Maximum penalty—200 penalty units or 2 years imprisonment. - (a) an agent keeps a trust account; and - (b) the agent stops being a principal agent. Example— An agent who is a licensee stops being a principal agent if the licensee stops carrying on business under the licensee’s licence on the licensee’s own behalf. - (a) have the agent’s trust accounts audited by the agent’s auditor for the period— (i) starting on the day immediately after the end of the period covered by the last audit of the trust accounts or, if the trust accounts have not previously been audited, the day on which the agent was first required to keep trust accounts; and (ii) ending on the day the person stops being a principal agent; and - (i) starting on the day immediately after the end of the period covered by the last audit of the trust accounts or, if the trust accounts have not previously been audited, the day on which the agent was first required to keep trust accounts; and - (ii) ending on the day the person stops being a principal agent; and - (b) file the auditor’s signed original audit report with the chief executive. - (i) starting on the day immediately after the end of the period covered by the last audit of the trust accounts or, if the trust accounts have not previously been audited, the day on which the agent was first required to keep trust accounts; and - (ii) ending on the day the person stops being a principal agent; and