Conveyancers Act 2006

A licensee who is required to keep trust records must have those records audited by an approved auditor in respect of each audit period.

The regulations may make provision for the conduct of audits under subsection (1).

For the purposes of an audit under this section, a licensee must—

produce for inspection by the auditor any accounting or other records relating to the affairs of the licensee's business; and

give the auditor any other information the auditor reasonably requires.

For the purposes of an audit under this section, an ADI, despite any duty of confidence to the contrary, must without charge—

produce for inspection by the auditor any records held by the ADI relating to a trust account of, or any trust money deposited with it by, a licensee; and

provide the auditor with full details of any transactions relating to a trust account or trust money.

An auditor may make copies of, or take extracts from, any records or other documents produced to the auditor in the course of an audit.

This section does not apply to a licensee in respect of an audit period in which the only trust money received by the licensee is transit money.