Guidelines for auditors of finance brokers
The finance broking industry in Western Australia is regulated under the Finance Brokers Control Act 1975 ("the Act"). The Commissioner for Consumer Protection ("the Commissioner") is responsible for the administration of the Act.
The Act imposes a duty on finance brokers to have their trust accounts audited. However, Regulation 5 of the Finance Brokers Control (General) Regulations 2005 provides an exemption to the trust account provisions for finance brokers who do not receive or hold trust moneys. As a result, finance brokers who do not receive or hold trust moneys are not required to maintain a trust account and are exempt from the audit provisions of the Act
Section 50(2) of the Act empowers the Commissioner to specify audit requirements which he deems appropriate. The Guidelines for Auditors of Finance Brokers have been issued by the Commissioner pursuant to those powers.
Download the Guidelines for Auditors of Finance Brokers (PDF).