30Audit of trust accounts

30 Audit of trust accounts

(1)  A conveyancer who is required to maintain a trust account must arrange for the trust account to be audited in accordance with this section within 2 months after 30 June in each year.

Penalty:  Fine not exceeding 100 penalty units.

(2)  An audit is to be carried out –

(a) by a person who is a member of –

(i) the Institute of Chartered Accountants; or

(ii) the Australian Society of Certified Practising Accountants; or

(iii) [Section 30 Subsection (2) amended by No. 20 of 2013, s. 26, Applied:20 Jun 2013] the Institute of Public Accountants; and

(b) in accordance with any requirements that the Director determines relating to the matters to be examined.

(3)  The auditor is to provide the conveyancer with a certified report of the audit, stating whether the conveyancer has, in the opinion of the auditor, kept –

(a) proper accounting documents in respect of the trust account as required under section 19 ; and

(b) such statements as are adequate to explain the financial transactions of the trust account both during and at the end of the preceding financial year.

(4)  If the Director considers it appropriate to do so, the Director may, by notice in writing given to a conveyancer, receiver or manager, require the conveyancer, receiver or manager to arrange for any trust account maintained by the conveyancer to be audited within such period as the Director specifies and at the expense of the conveyancer.

(5)  An audit required by the Director under this section is to provide such information as the Director considers appropriate for the purposes of this Act.

(6)  A conveyancer, receiver or manager must comply with a requirement under this section.

Penalty:  Fine not exceeding 100 penalty units.