31Trust account records to be audited

31 Trust account records to be audited

(1)  A property agent must cause the trust account records kept by the property agent in an audit year to be audited by an auditor within 3 months after the end of the audit year.

Penalty:  Fine not exceeding 50 penalty units.

(2)  A person who ceases to carry on the business of a property agent must cause the trust account records kept by the person in respect of the prescribed period to be audited by an auditor within 3 months after the end of the prescribed period.

Penalty:  Fine not exceeding 50 penalty units.

(3)  If a property agent dies, the property agent's personal representative must cause the trust account records kept by the property agent in respect of the prescribed period to be audited by an auditor within –

(a) 3 months after the end of the prescribed period; or

(b) such later period as the Board may allow.

Penalty:  Fine not exceeding 50 penalty units.

(4)  The Board, at any time and at its own expense, may cause the trust account records of a property agent, a property agent who has died or a person who has ceased to carry on the business of a property agent to be audited by an auditor.

(5)  It is a defence in proceedings for an offence –

(a) under subregulation (1) if the property agent carries on business in partnership with one or more other property agents; or

(b) under subregulation (2) if the person, before ceasing to carry on the business of a property agent, carried on business in partnership with one or more other property agents; or

(c) under subregulation (3) if the deceased property agent, before his or her death, carried on business in partnership with one or more other property agents –

and another property agent in the partnership has caused the trust account records of the business to be audited.