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Audit reports reminder, licence updates and beware scam attacks - Motor vehicle industry bulletin #2
31 July 2020
Motor vehicle dealers
Audit reports reminder
- 30 June 2020 - financial audit year end
- 30 September 2020 - financial audit report lodgement deadline
An important reminder that all dealers with a consignment trust account containing money from consignment sales during the last financial year must lodge an audit report with Consumer Protection by 30 September 2020.
If you have no money in trust for this period, you should submit a statutory declaration in place of the audit report.
Change of auditor
If you have changed your auditor, you will need to submit a change of auditor request to the Trust and Audits team by Friday 28 August 2020. If you lodge after this date, your request may not be processed in time for your auditor to meet the reporting deadline.
Common end of financial year problems
To help your audit proceed smoothly make sure:
- Only consignment sale funds are paid into the trust account;
- Bank account fees are not charged to the trust account;
- Written records of trust accounts are kept in an easily accessible format for a minimum of 6 years;
- You keep written receipts (manual or electronic) for any money paid towards a consignment sale, including deposits. Include the following important receipt details:
- Dealer name and licence number
- A unique identifying number/letter or combination in consecutive order
- The date money is received
- The name of the person money was received from
- The amount of money received
- A description of the purpose of the payment
- If hand written, the name and signature of the person receiving the money.
Motor vehicle repairers
Keep licence details up-to-date
Licence holders need to remember to let Consumer Protection know the date when someone starts or stops being a qualified repairer and provide their full name, as consumers search the licensing database to find those certified.
Dealers and repairers
Ransomware and email scam attacks
Be aware that cyber criminals hack into and lock down computer systems before demanding a ransom to give you back access. Recently we issued a media statement about a Perth based company facing a $30 million ransom demand.
It is vital to regularly review and update your cyber security, making sure you have installed the latest anti-virus software and firewalls. Staff should also not open attachments or click on links in emails if the sender is unknown or looks suspicious. Even if the sender is known, staff need to be careful in case the account has been hacked.
Find out more about how to protect yourself and report scams at the WA ScamNet website.
Save the date!
For the first time ever, the Consumer Protection Awards winners will be announced at a virtual event via Facebook Live.
Save the date and join us at 11am on Wednesday 5 August to watch the ceremony and celebrate the achievements of our 2020 Awards finalists and winners.
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