Property Practitioners: 2023 Audit report submissions update

Property Practitioners: 2023 Audit report submissions update

• 23 August 2023
• Accounting
• South African Accounting Academy

The audit reports on trust accounts for the financial year ended 28 February 2023 are due for submission to the PPRA on or before 31 August 2023. 

Late submissions will attract a late-submission penalty of R20 per day from 1 September 2023 and a fine of R25 000 if the audit reports remain outstanding by 30 November 2023.

Principals of business property practitioners are required to share this communique with their auditors.

Click here to download the Information document:

https://theppra.org.za/download.php?data_id=126847

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 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 communication and 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 communication and guidelines issued by the PPRA.

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