PPRA Removes Certain 2026 Audit Report Disqualifications
This article will count 0.25 units (15 minutes) of unverifiable CPD. Remember to log these units under your membership profile.
Property practitioners urged to regularise compliance status. The Property Practitioners Regulatory Authority (PPRA) has issued a notice relating to the removal of certain “disqualification blocks” linked to audit report non-compliance and other regulatory requirements for 2026.
The notice is important for property practitioners, auditors and accountants involved in trust account compliance and Fidelity Fund Certificate (FFC) renewals.
What are “disqualifications” or “blocks”?
A disqualification, commonly referred to as a “block”, is a restriction placed on a property practitioner’s PPRA profile due to non-compliance with regulatory requirements.
These blocks may arise where practitioners fail to:
submit required trust account audit reports,
comply with Continuing Professional Development (CPD) requirements,
meet education or PDE requirements,
or comply with other obligations under the Property Practitioners Act and regulations.
Once a practitioner is blocked, the practitioner may:
be unable to renew or obtain a Fidelity Fund Certificate (FFC),
be restricted from legally trading as a property practitioner,
face penalties or compliance notices,
and experience operational difficulties with PPRA registrations and renewals.
Why are audit reports important?
Property practitioners who hold trust accounts are legally required to:
maintain separate trust accounting records,
appoint an IRBA-registered auditor,
and submit annual trust account audit reports within six months after financial year-end through the PPRA Auditors Portal.
Late submission of audit reports may result in:
daily penalties,
compliance notices,
additional fines,
and ultimately disqualification blocks if the non-compliance remains unresolved.
The PPRA has indicated that practitioners whose audit reports remain outstanding after the prescribed period may face escalating enforcement measures.
What does the new notice mean for practitioners?
The new PPRA notice provides an opportunity for affected practitioners to regularise their compliance status and apply for the removal of disqualification blocks. Depending on the nature of the block, practitioners may need to:
submit outstanding audit reports,
pay penalties,
provide proof of compliance,
submit supporting affidavits,
or provide evidence of progress towards outstanding compliance requirements.
Once the PPRA is satisfied that the practitioner has complied with the applicable requirements, the block may be removed and the practitioner may continue operating lawfully.
Important for accountants and auditors
Accountants and auditors assisting property practitioners should ensure that:
trust account audits are completed within the prescribed deadlines,
audit reports are correctly submitted on the PPRA portal,
clients are informed of the risks of late submission,
and practitioners understand the possible consequences of non-compliance.
The notice also highlights the increasing importance of ongoing compliance monitoring within the property sector.