Approved audit program

Section 189 Building Industry Fairness (Security of Payment) Act 2017

Purpose of the program

To ascertain compliance by licensees with their obligations under Chapter 2 of the Building Industry Fairness (Security of Payment) Act 2017 to ensure compliance with the administration and recordkeeping of project trust accounts.

The scope of the audit covers compliance with all sections of the BIF Act 2017 that refer to recordkeeping and administration of the project trust account and includes, but not limited to, the following:

  • timeliness of necessary notifications
  • completed bank reconciliations
  • compliance around the administration of the deposits and withdrawals to and from the trust account
  • Administration of Trust documents compliance.

When the program starts

1 November 2021

The period over which the program is to be carried out

1 November 2021 to 25 February 2022

Objective criteria for selecting persons who are to be the subject of audit

The criteria for selection for audit will be:

  • Project trust account open date between 1 March 2021 and 30 June 2021
  • One project trust account chosen per trustee.