South Australian Consolidated Regulations South Australian Consolidated Regulations (1) An agent who is
required to have accounts and records audited must, before the completion of
the audit, certify—
(a)
under his or her hand; or
(b) in
the case of a firm of agents—under the hands of not less than 2 partners
of the firm; or
(c) in
the case of a body corporate agent—under the hands of not less than
2 directors of the body,
and deliver to the auditor a notice setting out in detail, as of the last day
of the period to which the audit relates, particulars of—
(d) the
names of all corporations on whose behalf the agent is holding trust money and
the amount of the credit of each such corporation; and
(e) all
negotiable or bearer securities or deposit receipts in the name of the agent
which represent money drawn from the agent's trust account and which were held
by the agent on that day; and
(f)
—
(i)
the names of the trust accounts in which the balance of
the agent's trust money is lodged and the balances on that date of those
accounts; and
(ii)
if the trust account balances are not in agreement with
the balances of the agent's ledger accounts—a statement reconciling
those balances.
Maximum penalty: $500.
(2) The notice must be
verified by statutory declaration—
(a) of
the agent; or
(b) in
the case of a firm of agents—of not less than 2 of the partners of the
firm; or
(c) in
the case of a body corporate agent—of not less than 2 directors of the
body.
(3) The agent must
give the auditor making the next succeeding audit of the agent's accounts and
records—
(a) at
the request of the auditor, a copy of the notice, together with a signed copy
of the auditor's statement of the last preceding audit of the agent's accounts
and records; or
(b) if
the agent's accounts and records are being audited for the first time or, if
for any other reason a copy of the notice cannot be produced for the purpose
of the audit—before completion of the audit, a notice containing the
same particulars as to money, negotiable or bearer securities and deposit
receipts held on the first day of the period to which the audit relates.
Maximum penalty: $500.