Western Australian Consolidated Acts Western Australian Consolidated Acts (1) Every agent who
holds a current triennial certificate during the whole or any part of a year
shall cause his trust accounts for that year, or part of a year, as the case
may be, to be audited by an auditor duly qualified or approved under this
Part.
(2) The auditor shall
conduct the audit in accordance with accepted auditing practice, including
selective testing when the auditor considers it appropriate and in accordance
with such other requirements as are determined by the Board.
(3) The auditor shall
within 3 months after the end of each year —
(a)
deliver to the Board a report of the result of the audit, verified by a
statutory declaration of the auditor, in an approved form; and
(b)
deliver a copy of the report so verified to the agent.
(4) The agent shall
retain the copy of the report and produce it on demand pursuant to
section 80(3).
(5) The Registrar may,
in circumstances he considers appropriate, extend the time limit for lodging
reports but when he does so he shall advise the Board accordingly and the
Board may confirm or cancel the extension.
(6) The auditor shall
deliver an interim report to the Board if at any time he discovers any
irregularity in the trust accounts of the agent or discovers any other matter
in respect of those accounts which the auditor considers should be reported to
the Board and he shall verify the interim report by statutory declaration and
deliver a copy of the report so verified to the agent.
(7) The Board may
require the auditor to furnish further information or carry out a further
audit at any time, and the auditor shall comply with that requirement, and the
cost of so doing shall be paid by the agent if the Board so directs but
otherwise shall be paid by the Board from moneys standing to the credit of the
Fidelity Account.
(8) Apart from the
annual audit and any interim audit provided for in this section, where, for
any reason, the triennial certificate of an agent ceases to have effect under
this Act, there shall, within the period of 3 months thereafter, be a
termination audit of the agent’s trust account, and the termination
audit shall be arranged and conducted in accordance with such provisions of
this Part in respect of the annual audit as are capable of being applied to
the termination audit, and the auditor shall within 2 months after the
end of that 3 months period deliver to the Board a report of such
termination audit.
[Section 70 amended by No. 29 of 1982
s. 12; No. 59 of 1995 s. 42; No. 77 of 2006 s. 17.]