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SECURITY AND INVESTIGATIONS AGENTS ACT 2002 - SECT 30 Audits

SECURITY AND INVESTIGATIONS AGENTS ACT 2002 - SECT 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) the Institute of Public Accountants; and
(b) 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.