Property Practitioners Regulatory Authority (PPRA): FAQs on Compliance

Property Practitioners Regulatory Authority (PPRA): FAQs on Compliance

• 21 August 2024
• Regulatory Compliance and Legislation
• South African Accounting Academy

This is of particular interest / reference to the audit of trust accounts.

Consists of 14 FAQ areas:

1. Contravention in terms of the Non-Submission of the audit report
2. Contravention in terms of Section 54 (Trust account)
3. With regards to the compliance notice for the Mandatory Disclosure form
4. I am in receipt of a compliance notice and invoice for payment, can I have the fine reduced?
5. What does the PPRA do with the representations put forward by the property practitioners?
6. Scenario: After the property practitioner has acknowledged that they have not submitted the audit report on time, can the audit report be submitted and fine be reversed. (Question phrased differently to number 1)
7. Scenario: Property practitioner acknowledges that the audit report was submitted on time and have evidence/proof of early submission; can the fine be reversed in this regard?
8. Once a property practitioner signs the acknowledgement of debt, will they be able to trade again?
9. Correspondences in regards to compliance notices
10. Correspondence in regards to invoices received by property practitioners
11. Property practitioner have ceased trading/closed/deregistered firm, why was a compliance notice and invoice issued?
12. Which banking details must I use to pay the compliance notice fine and penalties?
13. Where a mistake was done by the auditor when submitting an audit report, what is the process or rectifying the information, is there a way of reversing the contravention?
14. The property practitioner does not have control over what the auditor submit and the errors on the audit report.

Click here to download the 3-page FAQ Document:

https://theppra.org.za/download.php?data_id=125752

Relevance to Auditors, Independent Reviewers & Accountants:

• The Property Practitioners Act is yet another piece of legislation that your clients (who are pension funds) 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, independent reviewer and accountant, you need to consider your client’s compliance with the new Property Practitioners Act, and be aware of guidance published by the PPRA, such as FAQs resulting from compliance notices.
• As legislation, regulations and tax law are continuously changing and evolving, it is of utmost importance for practitioners to keep abreast of any changes in so that they can continue to advise their clients accordingly.

Relevance to Your Clients:

• Business property practitioners should be aware of guidance published by the PPRA.
• As legislation, regulations and tax law are continuously changing and evolving, it is of utmost importance business property practitioners to be aware of the latest changes that may affect them, e.g. information provided as a result of FAQs.

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