Left Menu
Development News Edition

Estate board to avoid penalties for late audit submissions

“Audit reports are due annually by 30 June, but the board is cognisant that due to the COVID-19 pandemic and the national lockdown, several agents have not been able to complete this process,” EAAB CEO Mamodupi Mohlala said.

Devdiscourse News Desk | Pretoria | Updated: 01-07-2020 16:12 IST | Created: 01-07-2020 16:12 IST
Estate board to avoid penalties for late audit submissions
As a result of the far-reaching consequences of the lockdown on the industry, Mohlala said the board has agreed not to impose penalties for late submissions. Image Credit: Pixabay

The Estate Agency Affairs Board (EAAB) says it will not penalise estate agents who submit late audit records for the 2019/2020 financial year due to the COVID-19 pandemic.

"Audit reports are due annually by 30 June, but the board is cognisant that due to the COVID-19 pandemic and the national lockdown, several agents have not been able to complete this process," EAAB CEO Mamodupi Mohlala said.

According to section 29(1) (b), 32(3) (b) and 32(4) of the Estate Agency Affairs Act, the audit of the business accounting records and the trust accounting records will be performed and finalised, and the auditor's report on the trust accounting records submitted to the EAAB within a period of four months after the financial year-end of the estate agent.

As a result of the far-reaching consequences of the lockdown on the industry, Mohlala said the board has agreed not to impose penalties for late submissions.

The board is mindful of the challenges facing the industry due to the lockdown and wants to assure stakeholders that the regulator is working around the clock to find lasting solutions.

"In May, the EAAB made detailed submissions to the Department of Human Settlements on a raft of possible COVID-19 relief measures, which included the issues of extension of deadlines for audit reports and the deferment of Continuing Professional Development (CPD) fees. The EAAB is awaiting a response from the department on these and other issues, and will communicate the outcome as soon as it is received," Mohlala said.

The board has acknowledged all estate agents, who submitted their audit reports under trying conditions.

(With Inputs from South African Government Press Release)


TRENDING

OPINION / BLOG / INTERVIEW

Why COVID-19 is unstoppable in USA despite it being ranked at the top of GHS Index?

Several worst-hit countries such as Italy, France, Spain, the UK, Canada, and Russia have peaked COVID-19 cases in April. Almost all of them have gradually flattened the curve. However, the USA is setting new daily records of infections tha...

COVID-19 seems cooking biggest ever global scam

The increasing number of corruption cases on COVID-19 funds from throughout the world and involvement of high profile persons indicate that the countries cant ignore corruption in their pandemic response programs. This has generated the nee...

Health Management Information Systems lack holistic, integrated, and pandemic resilient character

Being a part of the United Nations system, the World Health Organization WHO deserves its share of rebuke for its alleged failure issue COVID-19 health emergency alerts on appropriate time. However, the pandemic has also exposed loopholes i...

Pride in the time of coronavirus: a welcome move online?

This year is different in many ways not least as celebrations are also taking place against the dramatic backdrop of a global health crisis and a resurgence in grassroots activism following the death of George Floyd in Minneapolis. ...

Videos

Latest News

US News Roundup: U.S. tops 130,000 deaths from COVID-19; U.S. to force out foreign students taking classes fully online and more

Following is a summary of current US domestic news briefs.Republicans to require coronavirus testing at party conventionThe Republican Party will provide mandatory coronavirus testing at its August national convention in Jacksonville, accor...

Case of HIV patient in remission raises hopes for future AIDS cure

A first case of an HIV-positive man who went into long-term remission after being treated for less than a year with an intensified multi-drug cocktail of AIDS medicines added to hopes on Tuesday of a possible future cure for the disease.The...

As Lebanon crisis spirals, families barter for food on Facebook

One Lebanese woman asked for sugar, milk and soap in exchange for a childs dress. Another wanted canned goods in return for gym equipment. A 65-year-old seamstress now exchanges her sewing services for food, because her clients can no longe...

GSK says long-acting HIV prevention drug 65% more effective than Truvada

Britains GSK said on Tuesday that an injection of its cabotegravir drug given every two months was found to be 65 more effective in preventing HIV infections than Gileads Truvada daily oral pills. HIV incidence rate - or the number of peopl...

Give Feedback