Estate agents must ensure audits are submitted on time

Private Property South Africa
Tahir Desai

auditIt is the time of the year when many companies have just had their financial year end, and estate agents must keep in mind that their full audits must be submitted within four months of their year-end, said Annette Evans, regional general manager of the Institute of Estate Agents, Western Cape.

It must also be remembered, she said, that audits are now to be submitted online to the Estate Agency Affairs Board, and this is done via the Auditors Portal on www.eaab.org.za/myaudit.

The Estate Agency Affairs Act requires both the agency’s business and trust accounts to be audited. If the agent is operating as a sole proprietor with a personal bank account, everything that goes through that account will have to audited.

The audit must include:

  • All monies received or spent, including monies deposited to trust account or invested in a saving or other interest-bearing account.

  • All assets and liabilities.

  • All financial transactions and the financial position of the business.

  • The Financial Intelligence Centre (FIC) number of the estate agency; and

  • The estate agency registration number (required by Section 26 (a) prohibition of rendering of services as estate agency entity).

Agents will not be able to renew their Fidelity Fund Certificates (which means they cannot legally operate as estate agents) unless their full audits are completed and submitted in time, said Evans, so they must ensure that auditors receive the necessary paperwork with enough time to do the actual audit and submission.

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