87Guide to this Part

87  Guide to this Part This Part is about financial records, trust accounts and matters relating to audit reports required under this Act. Division 2 deals with the requirement for licensees to keep certain financial records, and provides for how those records must be kept. Division 3 deals with trust accounts. Licensees that provide credit services and that receive money on behalf of others in the course of those services are required to maintain a trust account. Those licensees must also comply with requirements in relation to trust account money, trust account statements and trust account audit reports. Division 4 has requirements relating to audit reports required by this Act, and the auditors that prepare those reports. Division 2—Financial records of licensees 88  Obligation to keep financial records Requirement to keep financial records  (1) A licensee must:  (a) keep financial records that correctly record and explain the transactions and financial position of any business of engaging in credit activities carried on by the licensee; and  (b) keep those records in accordance with this Division; and  (c) comply with subsection 90(2) in relation to the conversion of records into the English language; and  (d) comply with section 91 in relation to the location and production of records and particulars. Meaning of financial records  (2) Financial records includes:  (a) invoices, receipts, orders for the payment of money, bills of exchange, cheques, promissory notes and vouchers; and  (b) documents of prime entry; and  (c) any trust account statement or trust account report required under section 100.  (a) the person is subject to a requirement in relation to financial records under subsection (1); and Financial records may be kept with other records  (4) A licensee does not contravene this Division merely because some or all of the financial records are prepared as a part of, or in conjunction with, the records relating to any other business that is carried on by the licensee. Note: For the purposes of subsection (3), a defendant bears an evidential burden in relation to the matter in subsection (4) (see subsection 13.3(3) of the Criminal Code).