34Completion of audits

34 Completion of audits

(1)  An auditor performing an audit under this Part must complete the audit –

(a) in the case of an audit in respect of the trust account records of a property agent, within 3 months after the end of the audit year to which the audit relates; or

(b) in the case of an audit in respect of the trust account records of a person who ceases to carry on the business of a property agent, or a deceased property agent, within –

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

(ii) such longer period as the Board has allowed; or

(c) in the case of an audit under regulation 31(4) , within the period specified by the Board for its completion.

Penalty:  Fine not exceeding 50 penalty units.

(2)  It is a defence in proceedings for an offence under subregulation (1) if the auditor proves that –

(a) he or she requested access to the trust account records; and

(b) the property agent, person or personal representative did not provide access to the trust account records in sufficient time for the auditor to comply with subregulation (1) .