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PPRA: Guidance Note on Undesirable Practices
- 01 November 2023
- Compliance
- South African Accounting Academy
Pursuant to the communique that was published on 23 March 2023 with regard to undesirable business practices, all property practitioners are now advised to take note of:
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Practices that have been declared undesirable
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Types of business practices that have been declared undesirable and therefore prohibited
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Property practitioners' duty to comply with the provisions of the Act
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All property practitioners and their firms are hereby discouraged from entering into arrangements with any body corporate or homeowners’ association in terms of which money is exchanged for a benefit, advantage or other form of preferential treatment in respect of the marketing of properties in such property developments
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Failure to comply with the provisions of the Act
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A property practitioner is guilty of sanctionable conduct if he, or she, carries on an undesirable practice prohibited under section 63.
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Non-compliance with the PPA should be reported to the PPRA, by completing the complaint initiation form (available at https://theppra.org.za/download.php?data_id=128600) and emailing it (together with supporting evidence) to [email protected].
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Click here to download the Guidance Note:
https://theppra.org.za/download.php?data_id=128642
Relevance to Auditors, Independent Reviewers & Accountants:
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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 regarding NOCLAR (Non-Compliance with Laws And Regulations) – this could include reporting to management, qualifying your audit opinion, reporting a Reportable Irregularity, etc.
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As an auditor and independent reviewer, you need to consider and assess compliance with the PPA and Guidelines issued by the PPRA.
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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:
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A property practitioner has a duty to comply with the Property Practitioners Act.
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Your clients who are property practitioners, must not only comply with the PPA, but they also have to adhere to the latest guidelines issued by the PPRA.