The annual financial statements of a business property practitioner must be audited by an auditor within six months after financial year end.
Summarised Audit Requirements applicable to business property practitioners
Business Accounting Records |
Trust Account Records |
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Document to be audited/reviewed |
Annual Financial Statements |
Trust Accounts |
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Category 1 |
Business property practitioners that have not been granted an exemption from holding a trust account. |
Audit (Above R2,5million revenue)-International Standards on Auditing (ISAs)-Registered Auditor. |
Assurance Engagement-Registered Auditor. |
Independent Review (Below R2,5million revenue). International Standards on Review Engagements (ISRE 2400) (Revised)-Registered Auditor. |
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Category 2 |
Business property practitioners that have been granted an exemption from holding a trust account. |
Audit (If the business property practitioner is a company or close corporation and meets the Companies Act requirements for an audit)- International Standards on Auditing (ISAs)-Registered Auditor. |
N/A |
Independent Review-International standards on review(ISRE 2400)(Revised)-Registered Auditor or a Chartered Accountant if the business property practitioner is a company or close corporation and its public interest score is 100 or above or by a Register Auditor, Chartered Accountant or any person qualified to be an accounting officer of a close corporation if the business property practitioner is a company or close corporation with a public interest score of less than 100 or is a partnership, trust or sole proprietor.
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