Western Australian Consolidated Acts Western Australian Consolidated Acts (1) When an agent
receives money for or on behalf of any other person, the agent
shall —
(a)
unless the money is received by electronic transfer, immediately give to the
person paying the money a receipt containing such information as is
prescribed; and
(b) keep
a record of the money received.
(2) A record under
subsection (1)(b) shall be kept in the prescribed manner and contain such
information as is prescribed.
(3) The agent shall
produce records kept under subsection (1)(b) to the auditor at every
audit, and at such other times as the auditor may reasonably require.
[(4) deleted]
(5)
Subsection (3) does not apply in the case of an agent if the
agent’s auditor certifies to the Board that he is satisfied with
the system employed by the agent and that the records of moneys received are
so kept and entered up as to enable the accounts to be properly and
conveniently audited, and the Board approves of the system employed by the
agent of recording the receipt of moneys.
(6) On receipt of any
moneys by an agent in respect of a transaction, he shall render to the person
on whose behalf the money is received an account in writing of all such moneys
and of the application thereof.
[Section 69 amended by No. 74 of 1980
s. 7; No. 59 of 1995 s. 15.]