Property Practitioners: Guidelines on Audit and Trust Accounts

25 April 2022
Accounting
South African Accounting Academy

The purpose of this guideline is to assist all stakeholders in understanding the requirements to be complied with by all business property practitioners with regards to audit, accounting records and trust accounts.

This guideline is also a reference point for auditors, independent reviewers, banks and accountants of business property practitioners.

This guideline is also intended to provide information and guidance on the criteria and procedures applied by the PPRA when enforcing compliance with the legislated audit, accounting records and trust account requirements.

Inputs, comments and feedback on these guidelines should be emailed directly to [email protected] on or before 15 April 2022.

Click here to download the Draft Guidelines:

https://theppra.org.za/download.php?data_id=112731

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 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 issued by the PPRA.

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