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Review of Property, Stock and Business Agents Act 2002
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In October 2003 the NSW Joint Legislative Committee of the Institute of Chartered Accountants in Australia and CPA Australia wrote to the Minister for Fair Trading requesting that amendments to the Property, Stock and Business Agents Act (the "Act") be considered, in particular sections 111 “Requirement for Audit”, 112 “Audit Period” and 115 “Qualifications of Auditors”. 
 
The requests were:

  1. To change the required qualifications of an auditor undertaking a statutory trust account audit in NSW to bring the required qualifications into line with the requirements current in Victoria and Queensland 
  2. To change the statutory audit lodgement dates for the trust account audits as required by the Act 
    The Minister replied on 7 January 2004 (copy enclosed) and provided assurances that the issues raised would be examined by the Office of Fair Trading when amendments to the Act were next contemplated.
The Act is currently being reviewed. This joint submission between the Institute, CPA Australia and the National Institute of Accountants reiterates the position held in the October 2003 submission. It also contemplates some wording that could be used in the development of a more appropriate framework.  
 
View the submission here (pdf).