08 September 2014
In terms of section 32(4) of the Estate Agents Affairs Act, auditors of estate agents are required to transmit to the Estate Agency Affairs Board (EAAB) the auditor’s report within the prescribed period of four months after the financial year end of the estate agent concerned. The auditors’ report must be completed by an auditor registered, as assurance, with the Independent Regulatory Board for Auditors (IRBA).
In May 2014, EAAB introduced MyEAAB Auditors Portal on its website www.eaab.org.za which enables auditors to submit online the auditors’ reports on behalf of the estate agents in terms of section 32(4) of the Estate Agency Affairs Act.
Online submission of the auditors’ reports on MyEAAB Auditors Portal provides many advantages to estate agents and their auditors and these include:
- Online submission is faster and easier to use. All estate agent details, such as registered and trading names, addresses and trust account details will be automatically pre-populated when the estate agency firm PIN number is entered. This will reduce the time required to complete the online auditors report and also reduce input errors.
- Auditors’ reports that are submitted online are automatically reviewed to reduce errors. Errors may result in incomplete auditors’ reports and follow up correspondence to estate agents and their auditors. The online submission will automatically provide prompts when information appears to be incorrect or has not been entered.
- Flexibility to provide additional comments. The online submission provides sufficient flexibility to auditors to accurately describe any basis of audit opinion or any contraventions in detail.
- Immediate notification of successful submission. MyEAAB Auditors Portal will immediately notify the principal estate agent and their auditor through an automated email confirmation that the auditors’ report has been submitted.
- No risk of auditors reports being faxed to wrong number or emailed to wrong address or lost in regular mail. If auditors reports have been emailed, posted or submitted at our offices, there can be considerable delay between when auditors reports are sent and when there are received and internally processed on EAAB’s system and this creates anxiety for estate agents and may result in unnecessary calls and emails to auditors and/or EAAB regarding the status of the auditors reports.
- Reducing number of penalties for late submission. Online submission will reduce the number of penalties levied annually for auditors reports not received within the prescribed period of four months.
EAAB encourages principal estate agents to request their auditors to register on the MyEAAB Auditors Portal on the website and benefit from the above advantages, among others, in the next audit reporting cycle.
EAAB is always endeavouring to streamline its processes and further enhancements will be introduced to the MyEAAB Auditors Portal in order to improve our efficiency levels and service delivery.
AUDIT COMPLIANCE DEPARTMENT Email: firstname.lastname@example.org for any queries Telephone: 087 285 3222