Final audit of trust records
86 Final audit of trust records
A person who ceases to be licensed must have the person's trust records audited by an approved auditor—
in respect of the period from the end of the preceding audit period until the date of ceasing to be licensed; and
in respect of each completed period of 12 months thereafter during which the person continued to hold trust money; and
in respect of the period from the end of the last period referred to in paragraph (b) until the date on which the person ceased to hold trust money.
- 120 penalty units.
Section 84(2), 84(3) and 84(4) apply to an audit under subsection (1) as if a reference in those sections to the licensee were a reference to the former licensee.
An approved auditor must lodge with the Director a report of each audit under subsection (1) within 60 days after the end of the period to which the audit relates.
A person who ceases to be licensed must lodge with the Director a statutory declaration in the prescribed form within 60 days after ceasing to hold trust money.
- 120 penalty units.
If a licensee dies, his or her personal representative must comply with this section as if the personal representative were the licensee.
This provision refers to the regulations (prescribed form
). Made under this Act:
- Conveyancers (Fees) Regulations 2018 · under section 188
- Conveyancers (Professional Conduct) Regulations 2018 · under section 188
- Conveyancers (Qualifications and Experience) Regulations 2018 · under section 188
1 more instrument made under this Act are listed on the Act’s overview.
This Act’s bill:Explanatory memorandumSecond reading speech
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