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TRUST ACCOUNTS REGULATION 1999 - REG 25
Trustee may give statement instead of auditor’s report
25 Trustee may give statement instead of auditor’s report
(1) This section applies if an auditor audits a trustees records and trust
accounts and either— (a) the trustee can not give the auditor a copy of an
auditor’s report given to the trustee for the previous audit of the
trustee’s records and accounts; or
(b) it is the first time the records and
accounts have been audited under the Act .
(2) The trustee must, for each
amount invested by the trustee under section 16 (2) (a) and held by the
trustee on the first day of the period to which the audit relates, give the
auditor a statement containing the following particulars— (a) the full name
in which the investment is made;
(b) the date it was made;
(c) the amount of
the investment;
(d) a brief description of the investment, including
particulars that readily identify its nature and location. Example of
‘particulars’ for paragraph (d)— 1 the name of the financial
institution holding the investment
2 the financial institution account number
of the investment
Penalty— Maximum penalty—10 penalty units.
(3) The trustee must give the statement to the auditor as soon as practicable
before the auditor completes the auditor’s report for the audit.
(4) The
statement must be accompanied by a statutory declaration that— (a) states
the information contained in the statement is correct; and
(b) is made by—
(i) if the trustee is an individual—the individual; or
(ii) if the trustee
is a partnership—a partner.
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