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Accounting records and audit
The Estate Agents Act (112 of 1976), as amended requires that an estate agent keep accounting records of all activities as such and have these records audited by an auditor.
Accounting records to be kept by an estate agent are as follows:
1. Every estate agent shall in respect of his activities as such keep in one of the official languages at an address in the territory such accounting records that are necessary to reflect and explain the state of affairs:
of all moneys received or expended by him, including moneys deposited to a trust account referred to in section 32(1) or invested in a savings or other interest bearing account referred to in section 32(2)(a);
of all his assets and liabilities;
of all his financial transactions and financial position of his business.
Duties of an estate agent
Section 29(b) states that every estate agent shall cause the accounting records to be audited by an auditor within 4 months after the final date of the financial year of the estate agent.