A guide to auditing trust accounts - Motor vehicle dealers
The motor vehicle dealer industry in Western Australia is regulated under the Motor Vehicle Dealers Act 1973. The Department of Energy, Mines, Industry Regulation and Safety is responsible for the administration of the Act. The Act requires a motor vehicle dealer to have an open trust account in which to deposit funds before taking any vehicle under a consignment agreement. Trust accounts are defined as accounts where money is received or held by a dealer on behalf of another person in relation to a consignment transaction.