66Qualified auditors

66 Qualified auditors

S. 66(1) amended by Nos 86/1994 s. 34(1), 52/1998 s. 99(1), substituted by No. 41/2003 s. 44(1).

(1) A person is not qualified to act as an auditor under section 64, 64A or 64B in respect of an estate agent—

(a) unless he or she is an approved auditor;

(b) if he or she is, or at any time within 2 years before the last day of the period in respect of which the audit is to be made, has been, an employee or partner of the agent, or of any partner of the agent, whose accounts of trust money are to be audited.

(2) A person shall not audit the accounts of an estate agent—

S. 66(2)(a) amended by No. 17/2004 s. 10(1).

(a) if he is an employee or partner of that estate agent;

S. 66(2)(b) amended by No. 17/2004 s. 10(1).

(b) if he is an employee of any other estate agent actually in practice;

(c) if he is himself an estate agent carrying on business as such;

(d) if he is in any way engaged in keeping or entering up the trust account records of an estate agent or has those records in his custody or control; or

S. 66(2)(e) amended by No. 17/2004 s. 10(1).

(e) in the case of an estate agent being a corporation, if he is a member, director, officer or employee of the corporation.

S. 66(3) amended by Nos 86/1994 s. 47(zt), 52/1998 s. 99(1).

(3) A firm shall not be qualified to act as auditor under section 64, 64A or 64B unless it is approved by the Director and—

(a) at least one member of the firm is ordinarily resident in a State or Territory of the Commonwealth;

S. 66(3)(b) substituted by No. 86/1994 s. 34(2), amended by No. 52/1998 s. 99(1), substituted by No. 41/2003 s. 44(2).

(b) all the members of the firm ordinarily so resident are approved auditors; and

(c) no member of the firm is or at any time within two years before the last day of the period in respect of which the audit is to be made has been—

S. 66(3)(c)(i) amended by No. 17/2004 s. 10(1).

(i) a partner or employee of the estate agent or of any partner of the estate agent; or

S. 66(3)(c)(ii) amended by No. 17/2004 s. 10(1).

(ii) in the case of an estate agent being a corporation, an officer or employee of the corporation—

whose trust account is to be audited.

(4) The appointment of a firm as auditor shall be taken to be the appointment of all persons who are members of the firm, whether resident in a State or Territory of the Commonwealth or not, at the date of the appointment.

(5) When a firm has been appointed as auditor and the members constituting the firm change by reason of the death, retirement or withdrawal of a member or by reason of the admission of a new member, the firm as newly constituted shall, if it is not disqualified from acting as auditor by virtue of subsection (3), be deemed to be appointed under section 64, 64A or 64B as auditor of the estate agent and the appointment shall be taken to be the appointment of all persons who are members of the firm as newly constituted.