sec.25Trustee may give statement instead of auditor’s report

sec.25 Trustee may give statement instead of auditor’s report

This section applies if an auditor audits a trustees records and trust accounts and either— the trustee can not give the auditor a copy of an auditor’s report given to the trustee for the previous audit of the trustee’s records and accounts; or it is the first time the records and accounts have been audited under the Act . The trustee must, for each amount invested by the trustee under section 16 (2) (a) and held by the trustee on the first day of the period to which the audit relates, give the auditor a statement containing the following particulars— the full name in which the investment is made; the date it was made; the amount of the investment; a brief description of the investment, including particulars that readily identify its nature and location. the name of the financial institution holding the investment the financial institution account number of the investment Maximum penalty—10 penalty units. The trustee must give the statement to the auditor as soon as practicable before the auditor completes the auditor’s report for the audit. The statement must be accompanied by a statutory declaration that— states the information contained in the statement is correct; and is made by— if the trustee is an individual—the individual; or if the trustee is a partnership—a partner. (sec.25-ssec.1) This section applies if an auditor audits a trustees records and trust accounts and either— the trustee can not give the auditor a copy of an auditor’s report given to the trustee for the previous audit of the trustee’s records and accounts; or it is the first time the records and accounts have been audited under the Act . (sec.25-ssec.2) The trustee must, for each amount invested by the trustee under section 16 (2) (a) and held by the trustee on the first day of the period to which the audit relates, give the auditor a statement containing the following particulars— the full name in which the investment is made; the date it was made; the amount of the investment; a brief description of the investment, including particulars that readily identify its nature and location. the name of the financial institution holding the investment the financial institution account number of the investment Maximum penalty—10 penalty units. (sec.25-ssec.3) The trustee must give the statement to the auditor as soon as practicable before the auditor completes the auditor’s report for the audit. (sec.25-ssec.4) The statement must be accompanied by a statutory declaration that— states the information contained in the statement is correct; and is made by— if the trustee is an individual—the individual; or if the trustee is a partnership—a partner.

• (a) the trustee can not give the auditor a copy of an auditor’s report given to the trustee for the previous audit of the trustee’s records and accounts; or
• (b) it is the first time the records and accounts have been audited under the Act .