South Australian Consolidated Regulations South Australian Consolidated Regulations (1) For the purposes
of section 36H(1)(a) of the Act, the audit period in respect of which an agent
must have the accounts and records audited is each financial year.
(2) In carrying out an
audit, the auditor must—
(a) make
checks that will enable the auditor to give an opinion as to whether the agent
has, during the period covered by the audit, complied with the Act and these
regulations relating to the agent's accounts and records; and
(b)
ascertain what trust accounts were kept by the agent during that period; and
(c) make
a general test examination of any trust account kept by the agent and of the
pass books and statements relating to any such account during that period; and
(d) make
a comparison as to no fewer than 2 dates (1 to be the last day of the period
of the audit and 1 other to be a date within that period selected by the
auditor) between—
(i)
the liabilities of the agent to the agent's clients as
shown by the agent's trust ledger accounts and the records kept under these
regulations; and
(ii)
the aggregate of the balances standing to the credit of
the agent's trust account; and
(e) ask
for such information and explanations as the auditor may require for the
purposes of this regulation.
(3) For the purposes
of section 36H(1)(b) of the Act, the statement relating to the audit must be
prepared by the auditor and must include all matters relating to the agent's
accounts and records that should, in the auditor's opinion, be communicated to
the strata corporation and, in particular, deal with each of the following
matters:
(a)
whether the accounts and records appear to have been kept regularly and
properly written up at all times;
(b)
whether the accounts and records have been ready for examination at the
periods appointed by the auditor;
(c)
whether the agent has complied with the auditor's requirements;
(d)
whether, at any time during the period of the audit, the agent's trust account
was overdrawn and, if so, the full explanation for that given by the agent;
(e)
whether the agent has, or has had, any debit balances in his or her trust
account and the explanation or reason for such a debit given by the agent;
(f)
whether the auditor has received and examined the notice given to the auditor
under regulation 21 and the result of that examination;
(g) if
the agent uses a computer program to keep the agent's accounts and records,
whether the program allows for the accounts and records to be conveniently and
properly audited.
(4) The auditor must
attach to the auditor's statement a copy of the agent's notice delivered to
the auditor under regulation 21(1).
(5) The auditor must
verify the statement by statutory declaration and give a signed copy of the
statement to the agent.
(6) If the auditor in
the course of auditing the agent's accounts and records discovers—
(a) that
they are not kept in a manner that enables them to be properly audited; or
(b) a
matter that appears to the auditor to involve dishonesty or a breach of the
law by the agent; or
(c) a
loss or deficiency of trust money or a failure to pay or account for trust
money; or
(d) a
failure to comply with the Act or these regulations,
the auditor must, as soon as possible, give a report in respect of the
discovery to the Minister and the agent concerned.
Maximum penalty: $500.
(7) However, the
auditor is not required to give a report to the Minister in respect of the
discovery of a loss, deficiency or failure if the auditor is satisfied
that—
(a)
bringing the discovery to the attention of the agent or strata corporation
will adequately deal with the matter; and
(b) the
loss, deficiency or failure does not involve dishonesty or a breach of the
law.
(8) For the purposes
of section 36H(2)(b) of the Act, an agent must lodge an audit statement or
declaration within 2 months after the end of each audit period.