30Audits

30 Audits

(1)  A commercial agent who is required to maintain a trust account under section 28(1) must arrange for that trust account to be audited in accordance with this section within 2 months after 30 June in each year.

Penalty:  In the case of –

(a) a body corporate, 500 penalty units; and

(b) a natural person, 100 penalty units.

(2)  An audit is to be carried out –

(a) by a person who is a member of any of the following:

(i) the Institute of Chartered Accountants;

(ii) the Australian Society of Certified Practising Accountants;

(iii) [Section 30 Subsection (2) amended by No. 20 of 2013, s. 82, Applied:20 Jun 2013] the Institute of Public Accountants; and

(b) [Section 30 Subsection (2) amended by No. 39 of 2010, s. 28, Applied:01 Jul 2011] in accordance with any requirements the Director determines relating to the matters to be covered.

(3)  A person conducting an audit is to issue a certified report of the audit in an approved form.