2023 NEW ILLUSTRATIVE TRUST ACCOUNT AUDIT REPORTS

2023 NEW ILLUSTRATIVE TRUST ACCOUNT AUDIT REPORTS

30 March 2023

On 1 March 2023, the Independent Regulatory Board for Auditors (IRBA)’s Committee for Auditing
Standards approved new illustrative reports to be used by auditors of business property practitioners when
reporting to the Property Practitioners Regulatory Authority (PPRA) in terms of section 54(5)(b) of the
Property Practitioners Act (PPA) and Regulation 2.4.4 of the Property Practitioners Regulations. These
new reports can be accessed on the IRBA website. In addition, the PPRA has also revised the Guideline
on Audit, Accounting Records and Trust Account Requirements to include these new reports and this
Revised Guideline is available on the MyPPRA Auditors Portal (Auditors Portal) landing page.

The new illustrative reports are effective for financial years ending on or after 28 February 2023. In terms
of the PPA, audit reports on the property practitioners trust accounts are required to be electronically
submitted to the PPRA on the Auditors Portal within six months of the financial year-end of the business
property practitioners. Consequently, the audit reports for the financial year ended 28 February 2023 are
only due for submission to the PPRA on or before 31 August 2023.
The PPRA is currently making changes to the Auditors Portal to reflect the new audit reports published by
the IRBA. Accordingly, auditors of property practitioners must hold in abeyance the electronic submission
of the 2023 audit reports on the Auditors Portal until such time when the PPRA has finalised the new
changes on the Auditors Portal and communicated as such. It is anticipated that these changes will be
completed well in advance for auditors to meet the August 2023 submission deadline. However, audit
reports for 2022 and prior years can still be submitted on the Auditors Portal using the old format.
Principals of business property practitioners are required to share this communique with their auditors.
Any further queries in relation to this communique must be emailed to the PPRA Audit Compliance
Department at audit@theppra.org.za.
Issued By:

PROPERTY PRACTITIONERS’ REGULATORY AUTHORITY

Download PDF:2023_new_illustrative_trust_account_audit_reports_1680190254

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