Regulation 28 Audit requirement

(1)

An executry practitioner who, in the course of providing executry services as an executry practitioner, has handled clients' money during his accounting period, shall arrange for an accountant to–

(a)

inspect all accounts, books and other records required under these Regulations to be kept during that accounting period;

(b)

send to the Board, within 6 months of the end of that accounting period, a report on the extent to which that executry practitioner has

(i)

during that accounting period, complied with the requirements of the regulations in this Part;

(ii)

during that accounting period, maintained adequate arrangements to enable the executry practitioner so to comply; and

(iii)

provided the accountant with all information and explanations which are, to the best of the accountant’s knowledge and belief, necessary for the purpose of making a report; and

(c)

send to the Board a list of all powers of attorney in the executry practitioner’s favour which are held or granted during that accounting period.

(2)

An executry practitioner shall make available for inspection by the Board, at such times and places as may be specified by the Board, and in any event every five years, any accounts, books and other records which he is required to keep under these Regulations.

(3)

For the purposes of this regulation–

“accountant” means a person who is qualified to be appointed as an auditor under paragraph 13(2) of Schedule 1 to the Act; and

“accounting period” means–
1. (a)
  
  a period of not less than 6 months and not more than 18 months, beginning with the date on which he is registered by the Board as an executry practitioner under section 18(2); and
2. (b)
  
  any successive periods of not more than 12 months beginning immediately after the end of the previous accounting period.