New South Wales Consolidated Acts

PROPERTY AND STOCK AGENTS ACT 2002 - SECT 112A

112A Random audits

(1) The Secretary may at any time appoint a person qualified to act as an auditor for the purposes of this Division to audit the records and documents relating to any money held in a trust account kept by a licensee and provide a report on the audit to the Secretary.

(2) On production by the person of his or her instrument of appointment as an auditor for the purposes of this section, the auditor may require the licensee (or, in the absence of the licensee, an associate of the licensee) to do any one or more of the following things--

(a) produce to the auditor or any assistant of the auditor all records and documents relating to any money held in a trust account kept by the licensee and (in the case of records stored electronically) produce any such record in written form,

(b) give the auditor or any assistant of the auditor all information relating to the records required to be produced under this section,

(c) produce to the auditor or any assistant of the auditor all authorities and orders to financial institutions and other documents that may be reasonably required.

(3) The licensee or associate is guilty of an offence if the licensee or associate, without reasonable excuse (proof of which lies on the licensee or associate)--

(a) refuses or fails to comply with a requirement under this section, or

(b) otherwise hinders, obstructs or delays an auditor in the exercise or performance of the auditor's functions under this section.

: Maximum penalty--50 penalty units.

(4) In this section,
"associate" of a licensee has the same meaning as in Division 3 of Part 10.