Victorian Consolidated Legislation

Conveyancers Act 2006 - SECT 86

Final audit of trust records

86. Final audit of trust records



(1) A person who ceases to be licensed must have the person's trust records
audited by an approved auditor-

   (a)  in respect of the period from the end of the preceding audit period
        until the date of ceasing to be licensed; and

   (b)  in respect of each completed period of 12 months thereafter during
        which the person continued to hold trust money; and

   (c)  in respect of the period from the end of the last period referred to
        in paragraph (b) until the date on which the person ceased to hold
        trust money.

Penalty: 120 penalty units.

(2) Section 84(2), 84(3) and 84(4) apply to an audit under subsection (1) as
if a reference in those sections to the licensee were a reference to the
former licensee.

(3) An approved auditor must lodge with the Director a report of each audit
under subsection (1) within 60 days after the end of the period to which the
audit relates.





(4) A person who ceases to be licensed must lodge with the Director a
statutory declaration in the prescribed form within 60 days after ceasing to
hold trust money.

Penalty: 120 penalty units.

(5) If a licensee dies, his or her personal representative must comply with
this section as if the personal representative were the licensee.