Estate agencies must lodge audited accounts

Estate agencies still need to lodge audited accounts with the Estate Agency Affairs Board (EAAB) even though it is under administration, the SA Institute of Chartered Accountants (SAICA) said on Tuesday.

07 August 2012 | Sapa

JOHANNESBURG - "Failure to lodge the 2012 audited business and trust account financial statements will result in the EAAB not renewing estate agencies' and principals' fidelity fund certificates for 2013...," SAICA project director Yusuf Dukander said in a statement.

The EAAB had granted an extension to September 30 for estate agencies to lodge their accounts.

Last week, Human Settlements Minister Tokyo Sexwale placed the EAAB under administration and dissolved its board.

This was after a number of issues, including governance problems, a dysfunctional board, alleged corruption, abuse of funds, maladministration and embezzlement.

Dukander said the audited accounts would help the EAAB by highlighting reportable irregularities and non-compliance.

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