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IRBA: Reminder to use new PPA reports
- 13 July 2023
- Accounting
- South African Accounting Academy
The new illustrative reports are effective for financial years ending on or after 28 February 2023. In terms of the PPA, audit reports on the property practitioners trust accounts are required to be electronically submitted to the PPRA on the Auditors Portal within six months of the financial year-end of the business property practitioners. Consequently, the audit reports for the financial year ended 28 February 2023 are only due for submission to the PPRA on or before 31 August 2023.
These new reports can be accessed on the IRBA website. In addition, the PPRA has also revised the Guideline on Audit, Accounting Records and Trust Account Requirements to include these new reports and this Revised Guideline is available on the MyPPRA Auditors Portal (Auditors Portal) landing page.
In terms of the PPA, every property practitioner who has not been exempted from keeping a trust account must appoint an auditor, who must perform an audit of the separate trust accounting records within 6 months of the financial year-end of the business property practitioner.
An assurance practitioner who performs an audit, as contemplated above, must electronically submit the audit report on the trust account/s to the Property Practitioners Regulatory Authority (PPRA) on the Auditors Portal (of the PPRA) within six months of the financial year-end of the business property practitioner.
The new Illustrative Reports issued by IRBA can be downloaded at https://www.irba.co.za/guidance-to-ras/industry-specific-guides-and-regulatory-reports/estate-agents-trust-account-report
Click here to download the PPRA reminder about the reports:
https://theppra.org.za/download.php?data_id=123679
Relevance to Auditors, Independent Reviewers & Accountants:
- Property Practitioners Act (PPA) 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 Independent Assurance Practitioner, you need to comply with the relevant reporting requirements, and must therefor refer to the latest illustrative reports for your business property practitioner engagements.
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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