Commonwealth Numbered Regulations

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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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