(1)  An auditor must give a report to the Board as soon as practicable after discovering one or more of the following irregularities:

(a) the trust account records being kept in a manner that prevents them from being properly audited;

(b) something that appears to the auditor to involve dishonesty or a breach of the law;

(c) a deficiency of trust money in the trust account or ledger account;

(d) a failure to pay or account for trust money;

(e) a failure to comply with the provisions of the Act relating to the keeping of trust accounts.

Penalty:  Fine not exceeding 50 penalty units.

(2)  A report under subregulation (1) is to –

(a) specify the details of each irregularity discovered by the auditor; and

(b) be signed by the auditor.

(3)  The auditor is to also provide a signed copy of the report under subregulation (1) to the property agent whose trust account records are being audited.