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CORPORATIONS REGULATIONS 2001 2001 No. 193 - REG 7.5.01
Auditor's report
- (1)
- For subsection 860 (2) of the Act, the auditor's report must be in
accordance with Form 712.
- (2)
- For the purpose of preparing the auditor's
report mentioned in subregulation (1), the auditor must:
- (a)
- check or
examine:
- (i)
- internal procedures applied to ensure compliance with section 856 of the
Act in relation to securities held for sale or safe custody; and
- (ii)
- the balancing of scrip accounts; and
- (iii)
- the operation and control of trust account procedures; and
- (b)
- in relation to any dealer who does not act only as a principal, check or
examine:
- (i)
- securities on hand and outstanding transactions, including confirmation
from clients or other persons holding scrip; and
- (ii)
- the clients' ledger, including the reconciliation of the trust account,
the market value of security held for unpaid accounts and the incidence of
doubtful debts; and
- (iii)
- broker's agents and such other ledgers or records as the auditor
considers it necessary to examine.
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