NOTICE FROM ESTATE AGENCY AFFAIRS BOARD

Kindly find herewith an updated notice with regard to the submission of Audit Reports and the extension thereto with effect from 20 June 2012. 

LINK HERE FOR NOTICE 

LINK HERE FOR LATEST FORM

For any queries or more information on the content please contact the Estate Agency Affairs Board directly as per the contacts herewith:

Contacts for Audit Compliance Department 

Pierre Olivier Pierre.Olivier@eaab.org.za or Nethenia Johaar Nethenia.Johaar@eaab.org.za

Tel: 011 731 5630 or 731-5604

Fax: 0866138765   

(It is recommended that for all correspondence with the EAAB that you reference same with a relevant topic ie PDE, FFC plus your NAME and FFC Number in the Subject line.  Also include all your contact details in the content for ease of reference). 

To assist members the IEASA has compiled some guidelines in this regard for our members - if you would like a copy email info@ieasa.org.za and supply your regional IEASA membership number. 

The main queries we have received from members have been put to the EAAB and here are their responses: 

1.       Is the auditing of business accounts a new development or something that was in place in the past but not fully enforced or adhered to?

§         it is to be noted that the audit of the business records does not relate to new requirements, as Section 29 of the Act has always stated the accounting records which are to be audited, to not be limited to trust account records;

2.       If an agency has already timeously submitted their Audit Reports before they received this notification what must they do?

§         audit reports for the 2012 financial year end onwards are to be submitted in the revised format only and the older formats will not be accepted;

3.       Can any auditors be used or is there an EAAB “panel” or accredited auditors?

§         auditors are to be registered with IRBA the Independent Regulatory Board for Auditors and have the relevant practice number to be able to complete these audits.

4.       What changes have been made to the latest Version 2 form

§         We have included space for the unique firm pin number (mainly to assist with processing), footnote 3 has been amended to clarify the requirement of who is to audit the books and the accounting frameworks have been clarified as being either *IFRS or IFRS for SMEs.

* The abbreviations refer to the various frameworks relating to IFRS, being International Financial Reporting Standards (IFRS) as approved by Accounting Standard Board (ASB).