Victorian Numbered Regulations

ESTATE AGENTS (GENERAL, ACCOUNTS AND AUDIT) REGULATIONS 2008 (SR NO 39 OF 2008) - REG 35

    (1)     It is a duty of an auditor who inspects an estate agent's trust accounts, other than for the purpose of auditing those accounts, to notify the estate agent and the Director within 3 business days of becoming aware of or having reasonable ground to suspect any deficiency in the agent's—

        (a)     trust account; or

        (b)     trust ledger account.

    (2)     The auditor must include in the notification of the deficiency, details of—

        (a)     the date on which it occurred; and

        (b)     the amount; and

        (c)     the reason why it occurred; and

        (d)     full particulars of any action taken to restore it.

    (3)     Subregulation (1) does not apply if—

        (a)     the deficiency was caused solely by an error by an authorised deposit-taking institution or by inadvertence; and

        (b)     the deficiency is rectified within 2 business days of the auditor becoming aware of the deficiency.

Note

An auditor is required to send a report to the Director under section 64(15) of the Act and a signed copy of that report to the agent if a loss or deficiency of trust money is discovered while auditing an estate agent's accounts, unless—

        (a)     the deficiency was caused solely by an error by an authorised deposit-taking institution or inadvertence; and

        (b)     the deficiency is rectified within 2 business days of its discovery.

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