Document ID: chunk:federal_register_of_legislation:F2023C00203:clause:6_42
Version: federal_register_of_legislation:F2023C00203
Segment Type: clause
Provision Reference: sch 6 cl 42
Character Range: 109249–111407

42  Manager's statement
 (1) A manager who is required to have accounts and records audited must, before the completion of the audit, certify:
 (a) under his or her hand; or
 (b) in the case of a firm of managers—under the hands of not less than 2 partners of the firm; or
 (c) in the case of a body corporate manager—under the hands of not less than 2 directors of the body corporate;
and deliver to the auditor a notice setting out in detail, as of the last day of the period to which the audit relates, particulars of:
 (d) the names of all bodies corporate on whose behalf the manager is holding trust money and the amount of the credit of each such body corporate; and
 (e) all negotiable or bearer securities or deposit receipts in the name of the manager which represent money drawn from the manager's trust account and which were held by the manager on that day; and
 (f) the names of the trust accounts in which the balance of the manager's trust money is lodged and the balances on that date of those accounts; and
 (g) if the trust account balances are not in agreement with the balances of the manager's ledger accounts—a statement reconciling those balances.
Maximum penalty: 5 penalty units.
 (2) The notice must be verified by statutory declaration:
 (a) of the manager; or
 (b) in the case of a firm of managers—of not less than 2 partners of the firm; or
 (c) in the case of a body corporate manager—of not less than 2 directors of the body corporate.
 (3) The manager must give the auditor making the next audit of the manager's accounts and records:
 (a) at the request of the auditor, a copy of the notice, together with a signed copy of the auditor's statement of the last audit of the manager's accounts and records; or
 (b) if the manager's accounts and records are being audited for the first time or, if for any other reason a copy of the notice cannot be produced for the purposes of the audit—before completion of the audit, a notice containing the same particulars as to money, negotiable or bearer securities and deposit receipts held on the first day of the period to which the audit relates.
Maximum penalty: 5 penalty units.