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(1A) (Repealed)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(4) (Repealed)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].