Queensland Consolidated Acts

BUILDING INDUSTRY FAIRNESS (SECURITY OF PAYMENT) ACT 2017 - SECT 57A

57A Account review report

(1) The auditor engaged by a trustee to carry out a review of a trust account under section 57 must prepare, and give to the trustee, an account review report for the account as required under this section.

Penalty—

Maximum penalty—200 penalty units.

(2) An
"account review report" for a trust account is a report stating the auditor’s conclusion, based on a review of the administration of the account, about whether the trustee of the account complied with all chapter 2 requirements in relation to the account during the period to which the report relates.

(3) The account review report must include the following information—

(a) the name of the auditor who carried out the review for the report;

(b) details of the auditor’s membership of a professional association and the auditor’s qualifications;

(c) details of the trust account reviewed, including—

(i) the name of the account; and

(ii) the identifying number of the financial institution for the account;

Note—

The identifying number is commonly referred to as the bank state branch number (BSB).

(iii) the account number;

(d) a statement as to whether or not—

(i) the review has been completed by an auditor who is independent of the trustee; and

(ii) the trust records relating to the trust account have been examined; and

(iii) the trustee has complied with all chapter 2 requirements in relation to the trust account;

(e) details of any irregularities identified during the review of the trust records relating to the trust account;

(f) if an account was closed during the review period, a statement of whether or not the account was closed in compliance with this Act;

(g) other information prescribed by regulation.

(4) The account review report may include any other information the auditor considers relevant.

(5) The auditor must give the commissioner a copy of the account review report, in the approved way, within 20 business days after completing the relevant review.

Penalty—

Maximum penalty—50 penalty units.

(6) When complying with subsection (5) , the auditor must also give the trustee a copy of the account review report.

Penalty—

Maximum penalty—50 penalty units.