LATEST UPDATE FROM THE EAAB- WAIVER OF FEES FOR LATE AUDIT SUBMISSIONS

The Estate Agency Affairs Board has published an article relating to late audit submissions. Although there is still no clarity regarding the due date for audit submissions being postponed, this is what they have to say about it:

Media Release

29 June 2020

EAAB WAIVERS PENALTIES FOR LATE AUDIT SUBMISSIONS

JOHANNESBURG – The Estate Agency Affairs Board will not penalise estate agents who submit late audit records for the 2019/2020 financial year.

Audit reports are due annually by June 30, but the board is cognisant that due to the Covid-19 pandemic and the national lockdown several agents have not been able to complete this process.

According to section 29(1)(b), 32(3)(b) and 32(4) of the Estate Agency Affairs Act, the audit of the business accounting records and the trust accounting records shall be performed and finalised and the auditor’s report on the trust accounting records submitted to the EAAB within a period of four months after the financial year end of the estate agent.

As a result of the far reaching consequences of the lockdown on the industry, the board has agreed not to impose penalties for late submissions.

EAAB CEO Ms. Mamodupi Mohlala said she was mindful of the challenges the industry was facing due to the lockdown and wanted to assure stakeholders that the regulator was working around the clock to find lasting solutions.

In May the EAAB made detailed submissions to the Department of Human Settlements on a raft of possible Covid-19 relief measures which included the issues of extension of deadlines for audit reports and the deferment of Continuing Professional Development (CPD) fees.

The EAAB is awaiting a response from the department on these and other issues and will communicate the outcome as soon as it is received.

The Board would like to acknowledge and thank all those who submitted their audit reports under the trying conditions.

With Love,