Regulation 8
Any person who is required to keep accounts under Regulation 6 above shall draw them up in respect of consecutive accounting periods and have them audited by a qualified auditor within six months after the end of each accounting period.
Where an employee is required to keep accounts under Regulation 6 above, he shall adopt the same accounting period in respect of those accounts as his employer.
The auditor shall report to the persons who are required to keep accounts under Regulation 6 above whether in his opinion the requirements of the Act as to the manner in which clients' money is to be dealt with and of these Regulations have been complied with or have been substantially complied with.
The auditor may report that the said requirements have been substantially complied with if in his opinion they have been complied with except so far as concerns certain trivial breaches due to clerical errors or mistakes in book-keeping, all of which were rectified on discovery, and none of which in his opinion resulted in any loss to any person entitled to the clients' money.
If the auditor reports that in his opinion the said requirements have not been complied with or substantially complied with, he shall specify in his report the matters in respect of which it appears to him that the said requirements have not been complied with or substantially complied with.
If the auditor is unable to form an opinion as to whether or not the said requirements have been complied with or substantially complied with, he shall specify in his report the matters in respect of which he has been unable to satisfy himself and the reasons therefor.
For the purpose of making his report under paragraph (3) above, the auditor shall—
ascertain from the person to whom he is reporting under that paragraph particulars of all bank accounts kept, maintained or operated by him or his employee in the course of estate agency work at any time during the accounting period to which the report relates, and
subject to paragraph (8) below, so examine the accounts and records of that person as to enable him to verify whether they comply with the requirements of Regulation 6 above, for which purpose he may ask for such further information and explanations as he may consider necessary.
Nothing in paragraph (7) above shall require the auditor—
to extend his enquiries beyond the information contained in the relevant documents produced to him, supplemented by such information and explanations as he may obtain from the person to whom he is making his report; or
to consider whether the accounts and records have been properly kept in accordance with Regulation 6 above at any time other than the time at which his examination of those accounts and records takes place.
A person who maintains a client account shall produce on demand to a duly authorised officer of an enforcement authority the latest auditor's report relating to the account.