Trust Accounts Act 1973

The Governor in Council may make regulations under this Act.

A regulation may be made for or about—

providing for the production to an auditor appointed under section 14 by the trustee, the trustee’s employees and agents (including any employee of a financial institution of the trustee), of books, papers and accounts;

prescribing the persons to whom the reports of auditors shall be sent for inspection, information or record;

trustees’ books, accounts and records, the form and manner of keeping the same and accountancy procedures to be followed in relation thereto;

the nature and scope of, and procedures and standards to be followed or given due regard to in, audits and unannounced examinations for the purposes of this Act and the form and content of reports on such audits and examinations;

returns and statements to be furnished by trustees and the persons to whom the returns shall be sent or made available for inspection, information or record;

the preparation by trustees of accounts and financial statements and the form and content thereof;

cheques and receipts of trustees relating to trust moneys;

requiring persons appointed as auditors under section 14 to have professional indemnity insurance in the prescribed amount indemnifying persons having lawful claims against such auditors in relation to their functions and duties under this Act;

prescribing a maximum penalty of 10 penalty units for an offence against a regulation.