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Meaning of a trust account being overdrawn

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Reference no: EM132991244

1.What is the meaning of a trust account being overdrawn?

2.What is the meaning of a trust account being compromised?

3.Imagine you are working in an agency where the trust account practices do not comply with legislative requirements and fraudulent trust account activities are taking place.

a)What are the potential consequences for the agency and their brand?

b)What legal penalties are they likely to face?

4.What are the requirements under the legislation for backup of trust account records? In your answer include the name of the legislation and the relevant section.

5.What are 2 authorised forms of payment that money can be deposited into the agency's trust account?

6.What are 2 authorised forms of payment that money can be disbursed/paid out into the agency's trust account?

7.What are the auditing requirements associated with the general trust account in your state/territory? ( VIC) Include the name and sections of relevant legislation in your answer.

8.What are the legislative requirements/limitations regarding involvement in trust account activities.

9.How can the agency maintain security of trust account records?

Reference no: EM132991244

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