New South Wales Consolidated Acts

PROPERTY, STOCK AND BUSINESS AGENTS ACT 2002 - SECT 111

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:

(a) 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, and

(b) lodge the auditor’s report on the audit with the Director-General.

(2) The Director-General may in a particular case or class of cases by order in writing extend the period of 3 months under subsection (1).

(3) The person must retain a copy of the auditor’s report on the audit for a period of three years after the date on which the report was made.

(4) The auditor’s report is to be in a form approved by the Director-General and is to be signed by the auditor.

Maximum penalty:

(a) 100 penalty units in the case of a corporation, or

(b) 50 penalty units in any other case.