When are audit reports on trust accounts due for submission to the PPRA, and what should I do when I miss the submission deadline?

Question

The Property Practitioners Regulatory Authority (PPRA) · Accepted Answer

1. Audit reports for property practitioners without trust account exemption letters are due for submission within 6 months of the property practitioner’s financial year-end

2. The auditor of the property practitioner needs to register and log in on the Auditors Portal and submit the audit report

3. Reports not submitted within six months of financial year-end attract a penalty of R20/day for a period of three months and property practitioners whose auditors fail to meet the submission deadline should expect an invoice for the penalty

4. Reports not submitted after 3 months of the submission deadline attract R25 000 fine and property practitioners whose auditors fail to submit the reports within 3 months of the submission deadline should expect a Compliance Notice from Inspections Department with a fine of R25 000. This is in addition to the R20/day penalty for the first 3 months.