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Estate Agency Affairs Board (EAAB) Waives Penalties for Late Audit Submissions
- 01 July 2020
- Accounting
- South African Accounting Academy
According to the Estate Agency Affairs Act, the audit reports of the business accounting records and the trust accounting records for estate agents with 28 February financial year-ends must be submitted to the EAAB by 30 June 2020.
Due to the impact of the national lockdown resulting in some estate agents not being able to adhere to the reporting deadlines, the EAAB has decided that no penalties will be imposed for the late submission of audit reports for the 2019/2020 financial period.
The Independent Regulatory Board for Auditors (IRBA) have also issued communication where they require that auditors of estate agencies comply with section 45 of the Auditing Profession Act, No. 26 of 2005.
Click here to access the IRBA press release.
Click here to access the EAAB press release.