Property Practioners

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

Document to be audited/reviewed

Annual Financial Statements

Trust Accounts

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.

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.