Queensland Consolidated Acts
[Index]
[Table]
[Search]
[Search this Act]
[Notes]
[Noteup]
[Previous]
[Next]
[Download]
[Help]
BUILDING INDUSTRY FAIRNESS (SECURITY OF PAYMENT) ACT 2017 - SECT 57
Engaging auditor for review of trust account
57 Engaging auditor for review of trust account
(1) The trustee for a project trust or retention trust must engage an auditor
to carry out a review of the trust account as required by this section.
Penalty— Maximum penalty—200 penalty units or 1 year’s
imprisonment.
(2) The engagement of the auditor must comply with the
requirements prescribed by regulation.
(3) The review must be carried out at
the times prescribed by regulation.
(4) The period of the review (the
"review period" ) is the period prescribed by regulation.
(5) The review must
be complete within 40 business days after starting the review.
(6) The review
must be carried out by an auditor that is independent of the trustee and has
not been excluded by the commissioner under section 54E .
(7) An auditor is
independent of the trustee if the auditor is not any of the following— (a)
an employee of the trustee;
(b) if the trustee is a company—an executive
officer, investor or shareholder for the company;
(c) if the trustee is a
partnership—a partner in the partnership;
(d) a related entity for the
trustee.
(8) The trustee need not engage an auditor to carry out a review of
the trust account— (a) if— (i) a retention amount was not held in the
account during the review period; and
(ii) within 10 business days after the
end of the review period the trustee gave the commissioner a written
statement, using an approved way, as to why the trustee did not engage an
auditor to carry out the review; or
(b) if— (i) there are no transactions
or changes for the account during the review period; and
(ii) within 10
business days after the end of the review period the trustee gave the
commissioner a written statement, using an approved way, confirming the matter
mentioned in subparagraph (i) ; or
(c) in the circumstances prescribed by
regulation.
AustLII: Copyright Policy
| Disclaimers
| Privacy Policy
| Feedback