NO PENALTY FOR LATE AUDIT REPORT
Since 30 March we appealed to the EAAB to accommodate the industry and waive penalties on audit reports submitted after 30 June 2020 for agencies with a 28 February year end. Soon thereafter the National Property Practitioners Council “NPPC” followed suit.
The Estate Agency Affairs Act does not give the EAAB any discretion to grant extensions on the prescribed timeframe for the auditing of business and trust accounts but has the authority to decide that late submission of audit reports will not attract penalties.
The EAAB has now announced that no penalties will apply iro late submission. Although no cut-off date is mentioned in the notice (below) it is logical that audit reports must still be submitted ASAP. We assume that no date was announced in the haste to communicate the welcome relief to industry but anticipate that same is to follow, definitely before the end of the year.
We commend the EAAB for making this happen.
The EAAB is still waiting for the Department of Human Settlements to provide a response to Rebosa’s request to waive 2020 CPD fees.
DO IT NOW
From 1 July application can be made for FFC’s for 2021. Members are strongly advised to do so without delay as bottlenecks at year end are always problematic. Please remember to quote only your 7 digit reference number when making payment.