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PPRA: The Property Practioner’s Landscape (Reminder of late submission penalties)
- 18 December 2023
- Regulatory Compliance and Legislation
- South African Accounting Academy
This article was published on 1 Dec 2023 by the PPRA (and is also referred to on SAICA's website under Resources)
The focus is on the audit of property practitioners' trust accounts.
Audit reports submitted after the timeframe of 6 months after the practitioner’s financial year-end attract a R20/day penalty for the first three months and an additional fine of R25 000 if the audit reports remain outstanding after three months of the deadline. Thus, a Property Practitioner's audit report still outstanding on 1 December 2023 will be penalised with an additional fine of R25000.
Auditors, accountants and property practitioners must understand the new accounting and auditing requirements in the PPA to discharge their obligations without falling foul of the law.
Detailed guidance and answers to frequently asked questions can be accessed on the PPRA website on https://theppra.org.za/myaudit
Click here to access the Article:
https://www.accountancysa.org.za/recommend-the-property-practitioners-landscape/
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 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.
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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 communication and guidelines issued by the PPRA.
Relevance to Your Clients:
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A property practitioner must 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 communication and guidelines issued by the PPRA.