Transitional audit arrangements
10NA Transitional audit arrangements
In this regulation —
existing trust account means a trust account that was open immediately before the day on which the Licensing Provisions Regulations Amendment Regulations 2017 regulation 23 comes into operation;
previous audit period, in relation to an existing trust account, means the audit period for the trust account that ends on a day in the period between 1 July 2016 and 30 June 2017.
This regulation applies to a report of the result of an audit of an existing trust account if —
an audit of the account was conducted for the previous audit period for the account; and
a report of the result of the audit, verified by a statutory declaration of the auditor, has been delivered to the Commissioner.
If this regulation applies —
an auditor is not required to deliver a report of the result of the audit of the existing trust account for the part of the year between the end of the previous audit period and 30 June 2017 until 3 months after the end of the year ending 30 June 2018; and
the report on the result of the audit for the period between the end of the previous audit period and 30 June 2017 may be included as part of the report for the year ending 30 June 2018.
[Regulation 10NA inserted: Gazette 27 Jun 2017 p. 3415‑16.]
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