FFC 2023 renewal: delays!

17 August 2022
Accounting
South African Accounting Academy

The renewal period for applicants wishing to renew their 2023 FFC opened on the 1st of July 2022. However, due to the constant load shedding and IT issues relating to SAP enhancement which is currently underway the PPRA is experiencing delays in processing renewal applications and issuing FFCs for 2023. Applicants who have submitted renewal applications to the PPRA may experience a delay of eight weeks in receiving their 2023 FFCs.

The PPRA recommends applicants who have not received their renewal FFCs wait until the 5th of December 2022 before contacting PPRA about their renewal application. The PPRA is working hard to try and minimize the delays and is confident that by the 5th of December 2022 all renewal applications submitted will be issued subject to the 30 days turnaround time for applications submitted after the 5th of December 2022.

All applicants who have not renewed their FFC are advised to submit their applications to [email protected].

It is important to understand that due to the change in legislation all renewal FFCs issued are valid from 1 January 2023 to 31 December 2025.

Click here to access more information:

https://theppra.org.za/article/experiencing_delays_issuing_renewal_ffc_for_2023

Relevance to Auditors, Independent Reviewers & Accountants:

The Property Practitioners Act is yet another piece of legislation that your clients 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 and independent reviewer, you need to consider and assess compliance with the PPA and Guidelines/other publications and notices issued by the PPRA.
As an accountant, you may need to advise your clients who are property practitioners on compliance with the PPA and adherence to the latest guidelines issued by the PPRA.

Relevance to Your clients:

A property practitioner has a duty to comply with the Property Practitioners Act.
Your clients who are property practitioners, must not only comply with the PPA, but they also have to adhere to the latest guidelines, other publications and notices issued by the PPRA.

To stay current with all the latest changes and updates subscribe to our Monthly Compliance and Legislative Update series for R 250.00 per month. This gives you access to a monthly 2-hour webinar and monthly newsletter:
https://accountingacademy.co.za/profession/monthly-legislation-update

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