2025 Audit Report Submissions to PPRA

2025 Audit Report Submissions to PPRA

• 23 June 2025
• Auditing and Assurance
• South African Accounting Academy

Summary:

The Property Practitioners Regulatory Authority (PPRA) has issued an alert in respect of the 2025 audit report submissions, which registered auditors are advised to take note of.

Article:

This is a reminder for business property practitioners who are not in possession of trust account exemption letters and have a financial year end of 28 February 2025. 

The principals must ensure that their auditors submit the trust account audit reports to the Property Practitioners Regulatory Authority (PPRA) on or before 31 August 2025.

This requirement is in accordance with section 54(5)(b) and 54(6) of the Property Practitioners Act (PPA). No requests for extensions will be considered or granted by the PPRA.

The reminder sets out detail on the following:

• Submission of audit reports
• Designation of trust accounts
• Late submission of audit reports
• Interest earned on trust accounts
• Conclusion

Principals of business property practitioners who are not in possession of trust account exemption letters must bring this communication to the attention of their auditors. 

Click here to download the 2-page document:

https://theppra.org.za/download.php?data_id=145392 

Relevance to Auditors, Independent Reviewers & Accountants:

• The Property Practitioners Act is yet another piece of legislation that your clients (who are pension funds) must comply with, and which you must assess compliance with.  If they don’t comply with the relevant laws and regulations, you have certain reporting obligations in terms of NOCLAR (NOn-Compliance with Laws And Regulations) – this could include reporting to management, qualifying your audit opinion, reporting a Reportable Irregularity, etc.
• As an auditor, independent reviewer and accountant, you need to consider your client’s compliance with the new Property Practitioners Act, and be aware of guidance published by the PPRA, such as alerts about audit report submissions.
• As legislation, regulations and other laws are continuously changing and evolving, it is of utmost importance for practitioners to keep abreast of any changes in so that they can continue to advise their clients accordingly.

Relevance to Your clients:

• Business property practitioners should be aware of guidance and alerts published by the PPRA.
• As legislation, regulations and other laws are continuously changing and evolving, it is of utmost importance business property practitioners to be aware of the latest changes that may affect them, e.g. information provided about audit report submissions.
   

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