Trust Accounts Act 1973

A trustee shall appoint a person or a firm as auditor to audit the accounting and other records kept by the trustee in pursuance of section 6 and the trust accounts established and kept by the trustee in pursuance of section 7 and where for any reason the auditor ceases to hold that office the trustee shall within 14 days thereafter appoint another such auditor.Maximum penalty—50 penalty units.

Within 1 month after a person becomes a trustee, the trustee must give to the supervising entity, in writing, the full name and business address of the auditor appointed under subsection (1).Maximum penalty—50 penalty units.

If, for any reason, the appointment of an auditor ends, the trustee must—

immediately give to the supervising entity written notice that the appointment has ended; and

within 1 month after the appointment ends—give to the supervising entity, in writing, the full name and business address of the auditor appointed to replace the auditor whose appointment has ended.

A notification of appointment of an auditor pursuant to this section shall be endorsed by the auditor, or where a firm is appointed as such by a member of the firm, with a statement that the auditor or it has accepted the appointment.

Such fees and expenses of an auditor appointed under this section shall be payable by the trustee as are prescribed or, where not so prescribed, as are reasonable.