35Audit report

35 Audit report

(1)  As soon as practical after completing an audit under this Part, the auditor must give to the person who appointed him or her the audit report.

(2)  The audit report is to be in a form approved by the Board and is to state, in the opinion of the auditor, whether –

(a) the trust account records being audited were properly drawn up and kept in accordance with the Act; and

(b) there is any defect or irregularity in the trust account records; and

(c) the amount in each trust account after being reconciled under regulation 21 and the amount of trust money invested under regulation 29 were sufficient to meet all the trust account liabilities at the end of the period being audited; and

(d) the auditor obtained all the information, documents, explanations and assistance that he or she required to complete the audit; and

(e) the requirements of the Act in respect of trust money and the keeping of trust accounts have been complied with.

(3)  If the auditor finds that the requirements of the Act in respect of trust money and the keeping of accounts have not been complied with fully, the auditor must specify in the audit report the matters in respect of which the Act has not been complied with fully.