Who is required to have their annual financial statements audited?

The Property Practitioners Regulatory Authority (PPRA)
The Property Practitioners Regulatory Authority (PPRA) primary mandate includes, among others, regulating the affairs of all property practitioners; allowing for transformation in the property sector and to ensure consumer protection against undesirable practices and conduct of property practitioners.

All business property practitioners whose annual revenue is R2,5 million or above must have their financial statements audited, unless they have a PPRA-issued trust account exemption letter in which case they can have their financial statements independently reviewed.

1. The financial statements need to be audited within six months of the financial year-end of the business property practitioner;

2. The audited financial statements DO NOT need to be submitted to the PPRA, but should be readily available if requested by PPRA or during an inspection

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