On the 5th of December 2018, the new Property Practitioners Bill was passed by Parliament and is set to replace the old Estate Agency Affairs Act (EAAA) of 1976.
This will mean that the following procedures will likely have been updated:
- The need for Fidelity Fund certificates,
- The handling of trust monies,
- The accounting / financial management requirements of an estate agency practice; and
- The audit requirements for an estate agent
This session focuses on the sections of the new Bill that have an effect on the accounting and financial management requirements as well as the considerations around auditing.
As no effective date has yet been established for the new Bill, the current accounting / auditing requirements of the old Estate Agency Affairs Act will also be highlighted.
The objective of this course is to:
1. Give you a general overview of the new Property Practitioners Bill
2. Provide a simplified understanding as to the Fidelity Fund certificate rules, as well as the rules around the handling of Trust Monies, accounting and auditing of an estate agency practice per the old and new legislation
During this session, we will
• Briefly highlight the various sections of the new Property Practitioners Bill by providing an overview
• Specifically look at the legislation around Fidelity Fund certification and rules around trust money, as well as,
• Considering the accounting and auditing requirements per the old legislation and the new Bill, respectively
The following individuals will benefit from attending this course:
• Property practitioners / estate agents who would like to develop a foundational understanding as to the new requirements
• Accounting clerks / finance department employees of an estate agency
• Audit managers / seniors who will audit estate agencies (no specific auditing procedures will be discussed during the session, only what the accounting and auditing requirements placed upon the estate agency are, per the Act / Bill)
