During that time, the authority said it received no complaints about One Up Realty and identified no other compliance concerns. <\/p>\n
The authority said the agency had made numerous genuine attempts to appoint an auditor without success.<\/p>\n
According to the authority\u2019s decision, when an auditor conducted a retrospective audit, no irregularities were found in the handling of trust funds. <\/p>\n
Last month, the agency was fined $18,000 after admitting a charge of reckless contravention of the Real Estate Agents Act 2008.<\/p>\n
The authority\u2019s chief executive, Belinda Moffat, said the case highlighted the critical importance of compliance with trust account audit regulations by real estate companies.<\/p>\n
\u201cReal estate agencies handle significant client and customer funds in relation to property transactions. Trust account obligations exist for the protection of consumers and their funds,\u201d Moffat said.<\/p>\n
\u201cIf trust accounts are not managed correctly, this could result in financial loss to consumers, reputational damage to the agency, and loss of trust and confidence in the industry as a whole.\u201d <\/p>\n
She said the tribunal\u2019s decision served as a reminder that failure to comply with audit regulations relating to trust accounts is a serious breach that can have significant consequences, including consumer harm.<\/p>\n
\u201cAgencies\u2019 systems and practices must be fully compliant and company officers are responsible and accountable for ensuring that they remain so.\u201d<\/p>\n
One Up Realty was contacted for comment. <\/p>\n
Catherine Hutton is an Open Justice reporter, based in Wellington. She has worked as a journalist at the Waikato Times and RNZ. Most recently she was working as a media adviser at the Ministry of Justice. <\/p>\n