84Annual audit of trust records

84 Annual audit of trust records S. 84(1) amended by Nos 1/2010 s. 3(1), 63/2010 s. 54. (1) A licensee who is required to keep trust records must have those records audited by an approved auditor in respect of each audit period. 1. 120 penalty units S. 84(1A) inserted by No. 1/2010 s. 3(2). (1A) The regulations may make provision for the conduct of audits under subsection (1). (2) For the purposes of an audit under this section, a licensee must— (a) produce for inspection by the auditor any accounting or other records relating to the affairs of the licensee's business; and (b) give the auditor any other information the auditor reasonably requires. (3) For the purposes of an audit under this section, an ADI, despite any duty of confidence to the contrary, must without charge— (a) produce for inspection by the auditor any records held by the ADI relating to a trust account of, or any trust money deposited with it by, a licensee; and (b) provide the auditor with full details of any transactions relating to a trust account or trust money. (4) An auditor may make copies of, or take extracts from, any records or other documents produced to the auditor in the course of an audit. (5) This section does not apply to a licensee in respect of an audit period in which the only trust money received by the licensee is transit money.