111Requirement for audit

#### 111 Requirement for audit 111 Requirement for audit > > (1) A person who is a licensee, a former licensee or the personal representative of a licensee must, within 3 months after the end of the audit period applicable to the person, cause the records and documents relating to any money held during that period in a trust account kept by the person in accordance with this Act to be audited by a person qualified to act as an auditor for the purposes of this Division. > > > (1A) (Repealed) > > > (2) The Secretary may in a particular case or class of cases by order in writing extend the period of 3 months under subsection (1). > > > (3) An auditor’s report under this section must be kept for at least 3 years— > > > > > (a) by the licensee at the licensee’s registered office (while the licensee remains a licensee), or > > > > > (b) if the licensee ceases to be a licensee, by the former licensee in his or her possession, custody or control unless the former licensee authorises some other person to have possession, custody or control of the report, or > > > > > (c) by any other person who obtains possession, custody or control of the report whether as a result of being the personal representative of a licensee or by transfer of the business of the licensee or otherwise. > > > (4) (Repealed) > > Maximum penalty— > > > (a) 100 penalty units in the case of a corporation, or > > > (b) 50 penalty units in any other case. > > **s 111:** Am 2013 No 3, Sch 1 \[10\]–\[12\]; 2018 No 65, Sch 5.2 \[3\] \[4\].