A Victorian agency finds on Monday that a ledger is $1,200 short because a payment was made twice in error. It cannot fix it until next week. What must it do?
Correct Answer
A) Notify Consumer Affairs Victoria and its auditor within 3 business days
A Victorian estate agent must notify Consumer Affairs Victoria and its auditor within three business days of becoming aware of a deficiency in a trust account or trust ledger account. There is no need to notify if the deficiency was accidental, or caused solely by a bank error, and was rectified within two business days. Here it cannot be fixed within two business days, so notice is required.
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