Victorian Consolidated Legislation

Conveyancers Act 2006 - SECT 84

Annual audit of trust records

84. Annual audit of trust records



(1) A licensee who is required to keep trust records must have those records
audited by an approved auditor in respect of each audit period in accordance
with the regulations.



(2) For the purposes of an audit under this section, a licensee must-

   (a)  produce for inspection by the auditor any accounting or other records
        relating to the affairs of the licensee's business; and

   (b)  give the auditor any other information the auditor reasonably
        requires.

Penalty: 60 penalty units.

(3) For the purposes of an audit under this section, an ADI, despite any duty
of confidence to the contrary, must without charge-

   (a)  produce for inspection by the auditor any records held by the ADI
        relating to a trust account of, or any trust money deposited with it
        by, a licensee; and

   (b)  provide the auditor with full details of any transactions relating to
        a trust account or trust money.

Penalty: 60 penalty units.

(4) An auditor may make copies of, or take extracts from, any records or other
documents produced to the auditor in the course of an audit.

(5) This section does not apply to a licensee in respect of an audit period in
which the only trust money received by the licensee is transit money.