64Annual audit of trust accounts

64 Annual audit of trust accounts

S. 64(1) amended by No. 9925 s. 5(a), substituted by No. 10028 s. 36(a), amended by Nos 41/2003 s. 41(1), 63/2010 s. 47(1).

(1) Within three months after 30 June in each year, every person who carried on business as an estate agent during the whole or any part of the previous financial year shall cause his accounts of trust money for the whole or the part of that financial year to be audited.

1. 120 penalty units.

S. 64(1A) inserted by No. 41/2003 s. 41(2).

(1A) The agent must not engage a person or firm as an auditor for the purposes of subsection (1) if the person or firm is not qualified under section 66 to act as the auditor.

S. 64(2) substituted by No. 10028 s. 36(b).

(2) The auditor shall—

(a) take all reasonable steps to ensure that his report is completed within three months after 30 June; and

S. 64(2)(b) amended by Nos 86/1994 s. 47(zp), 52/1998 s. 99(1), substituted by No. 63/2010 s. 47(2).

(b) as soon as the report is completed, deliver the report to the agent concerned.

S. 64(2A) inserted by No. 63/2010 s. 47(3).

(2A) Within 10 business days after receiving the report under subsection (2)(b), the agent must lodge a copy of it with the Director.

Penalty: 120 penalty units.

S. 64(3) amended by No. 8/2003 s. 54(a)(b).

(3) The agent shall retain the signed copy of the report for a period of 7 years after it was delivered to the agent and produce it on demand pursuant to this section.

S. 64(4) amended by Nos 9925 s. 5(a), 86/1994 s. 47(zp), 52/1998 s. 99(1).

(4) If an estate agent carries on business at more than one place the Director may give such directions as he thinks fit for separate audits of the accounts of trust money in respect of the business carried on at each place or for the acceptance by the auditor of the certificates of some person approved by the Director with respect to the examination of the accounts of trust money kept at any branch of the business.

S. 64(5) amended by Nos 9925 s. 5(b), 86/1994 s. 47(zp), 52/1998 s. 99(1).

(5) The Director may if in his opinion just cause exists for doing so vary or revoke any approval or direction granted or given by him under this section.

(6) For the purpose of any audit or report under this section every estate agent shall as and when the auditor so requires produce to the auditor all such books papers accounts documents and securities in his possession custody or power as are reasonably necessary for the purpose of the audit and shall furnish the auditor with all such information and particulars as he reasonably requires.