Real Estate Agents (Audit) Regulations 2009

12 New agency must notify appointment of auditor before receiving money

• (1) Every agency that is an individual who, or a company that, is granted a new licence under section 43 of the Act must notify the Authority of the auditor who is appointed to audit the agency's trust accounts, before that agency receives any money in respect of their first transaction pursuant to that licence.

  (2) Every agency that is a partnership formed on or after 17 November 2009, must notify the Authority of the auditor who is appointed to audit that agency's trust accounts, before any agent who is a member of that partnership receives any money in respect of a transaction undertaken as a member of that partnership.

  (3) Every notice given under this regulation must—

  • (a) specify the name and address of the auditor; and

  • (b) specify the name and identifying bank account number of each trust account that the auditor will audit; and

  • (c) be accompanied by written confirmation from the auditor that he or she—

    • (i) is a qualified auditor:

    • (ii) [Revoked]

    • (iii) agrees to audit the trust accounts mentioned in paragraph (b):

    • (iv) is not disqualified under these regulations from acting as an auditor.

  (4) Every notice given under this regulation must be in writing and signed,—

  • (a) if the agency is an individual, by that individual; or

  • (b) if the agency is a partnership, by a member of that partnership; or

  • (c) if the agency is a company, by an officer of the company.

  Regulation 12(3)(c)(i): replaced, on 1 April 2014, by regulation 7 of the Real Estate Agents (Audit) Amendment Regulations 2014 (LI 2014/28).

  Regulation 12(3)(c)(ii): revoked, on 1 April 2014, by regulation 7 of the Real Estate Agents (Audit) Amendment Regulations 2014 (LI 2014/28).