In Western Australia, a real estate agent's trust account audit period ends on 31 December. Within what time must the auditor lodge the audit report?
Correct Answer
C) Within 3 months
Under section 70 of the Real Estate and Business Agents Act 1978 (WA), a real estate agent's trust accounts are audited for each calendar year, and the auditor must lodge the report with Consumer Protection within three months after the year ends, that is, by 31 March. Late lodgement can attract an infringement notice.
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