Property Practitioners: 2022 Trust Account Audit deadlines

The new Property Practitioners Act (the PPA) which came into effect on 1 February 2022 requires business property practitioners, who have not been exempted from keeping a trust account, to submit an audit report to the Property Practitioners Regulatory Authority (PPRA).

According to the repealed Estate Agency Affairs Act (EAAA), audit reports on trust accounts were to be submitted to the Estate Agency Affairs Board (now PPRA) within four months of the estate agency’s financial year-end.

The PPA, however, has extended the submission deadline from the previous four months to six months of the business property practitioner’s financial year-end.

Accordingly, the submission deadline for business property practitioners with a financial year-end of 28 February 2022 is now 31 August 2022 and no longer 30 June 2022.

Looking for a suitably qualified and experienced Auditor for your Trust Account?

Look no further, our firm has the necessary knowledge, experience and skills to assist you with all the audit requirements ensuring that you and your practice remain compliant. Check out our services here and reach out to us on the details below.

www.firstplace.co.za | Tel: 087 808 5219 | Mobile: 066 086 6065 | Email: info@firstplace.co.za | Instagram | Facebook | LinkedIn | YouTube

Need help with this? Call 010 596 5902, WhatsApp 066 086 6065 or request a free consultation.