Under the Property Stock and Business Agents Act 2002, licensee’s records in relation to the handling of trust money must be audited by a person qualified to act as an auditor.
You must submit an audit report to the Office of Fair Trading, if you received or held trust money during the financial year ending 30 June 2009 and are:
a former licensee, or
a personal representative of a licensee.
In most cases, it is the licensed corporation that receives and is responsible for trust funds. Therefore, in most cases, a trust account audit must be lodged by the licensed corporation. However, if an individual licensee receives and is responsible for trust money, then a trust account audit must be lodged by the individual licensee.
If a licensed corporation or an individual licensee has not held any trust money during 2008/09, then a statutory declaration must be lodged declaring this.
Every licensee, both corporations and individuals, must lodge either a trust account audit or a statutory declaration.
Completed audits and statutory declarations must be lodged with the Commissioner for Fair Trading no later than 30 September 2009. If a trust account audit is not lodged by the due date, a licensee is regarded as a disqualified person and their licence would not be renewed until such time as the audit was lodged.
Additionally, the failure to lodge an audit when required can result in the imposition of monetary penalties and/or prosecution action being taken by the Office of Fair Trading.
Documentation available online only
Audit documentation relating to the 2008/2009 financial year will not be mailed to licensees. The required documentation should be downloaded from the Fair Trading website.
Go to the Trust account audit requirements page to access audit and statutory declaration documentation as well as for information to assist in the preparation of audit reports.
Source: Fair Trading Property Industry news