59Audit

59 Audit (1) A licensed agent shall ensure that the agent's accounting records relating to trust moneys received and paid by the agent during the prescribed period are audited within 3 months after the expiration of each prescribed period.

Agents Licensing Act 1979 41 (1A) It is a defence to a prosecution for an offence against subsection (1) if the licensed agent charged with the offence proves that: (a) the licensed agent engaged an auditor to carry out the audit at a time when the auditor would reasonably be expected to complete the audit within the period specified in that subsection, but the auditor had failed to do so; and (b) a written statement was forwarded to the Registrar by the auditor or the licensed agent before the expiration of the period specified in that subsection setting out the reasons for the auditor's failure to complete the audit and specifying the period within which the audit will be completed. (2) A licensed agent shall produce to the auditor at an audit the auditor's report in respect of the last preceding audit. Maximum penalty: 20 penalty units or imprisonment for 3 months.