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AGENTS FINANCIAL ADMINISTRATION ACT 2014 - SECT 40
Audit reports
40 Audit reports
(1) An auditor who audits an agent’s trust accounts must give the agent an
original signed audit report under this section. Penalty— Maximum
penalty—200 penalty units or 1 year’s imprisonment.
(2) The auditor
must include the following in the report— (a) the following details— (i)
the auditor’s name;
(ii) the prescribed entity of which the auditor is a
member;
(iii) the auditor’s membership number issued by the prescribed
entity;
(b) the audit period for which the report is made;
(c) the name and
number of each trust account audited;
(d) the name of the financial
institution, the office or branch of the institution where each trust account
was kept and the identifying number of the office or branch;
(e) the
agent’s name;
(f) if the agent is an individual who holds a licence—the
agent’s licence number;
(g) for a corporation— (i) if the corporation is
a licensee—the corporation’s licence number; and
(ii) the licence number
of each licensee in charge of the corporation’s business; and
(iii) the
name of each agent in charge of the corporation’s business during the audit
period;
(h) if the agent carried on business under a registered business
name—the business name and the names of any persons with whom the agent
carried on the business;
(i) each place where the agent carried on business
as an agent;
(j) a statement about whether each trust account has been
satisfactorily kept under this Act;
(k) a statement specifying the day and
result of each unannounced examination for the audit period under section 36
(1) ;
(l) a statement about whether the auditor has audited the agent’s
general account;
(m) if a trust account has been overdrawn, the following
details— (i) the name of the overdrawn account;
(ii) the date and amount of
each overdraw;
(iii) any reason given by the agent for each overdraw;
(iv)
if an overdraw was corrected, the date of the correction;
(n) if a trust
creditor’s ledger account has been overdrawn, the following details— (i)
the name of the trust creditor;
(ii) the date and amount of each overdraw;
(iii) any reason given by the agent for each overdraw;
(iv) if an overdraw
was corrected, the date of the correction;
(o) a statement about whether, for
each month during the audit period— (i) each trust account cash book was
reconciled with the bank balance and trust ledger; and
(ii) an analysis was
made showing the name of each person for whom an amount was held and the
amount held for each person;
(p) the serial numbers of the trust receipts
used during the audit period and any unused trust receipts produced to the
auditor;
(q) if an amount has been held in trust for more than 3 months by
the agent at the last day of the audit period, the particulars for each
amount, including— (i) any reason given by the agent for holding the amount
for more than 3 months; and
(ii) whether the amounts have been dispersed
before the day the report is given;
(r) a statement that each trust account
cash book has been reconciled with the bank balance of the trust account at
the last day of the audit period;
(s) a copy of the reconciliation of the
trust account cash book and the bank balance of the trust account at the last
day of the audit period containing the particulars prescribed under a
regulation for this paragraph;
(t) if the agent used software in connection
with keeping the trust account—the name and version number of the software;
(u) a statement about anything else about a trust account audited that the
auditor considers should be reported to the chief executive.
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