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Client Account Reporting
Introduction
This page is directed at members who are either a
principal, a partner or a director (PPD) of a property company
which holds client money (comprising deposits, rental or other
payments, even if only for a short period of time before it is
forwarded on). If you fall into this category of member, then for
each company you must produce on application, and thereafter within
6 months of each financial year end, an accountant's report showing
compliance with NAEA Rule 1.
The Association will only accept an accountants' report which
has been completed and signed by a chartered or certified
accountant who is a member of one of the supervisory bodies
which are recognised by the Financial Reporting
Council's Professional Oversight Board for Accountancy. These
are:
Where the client funds held are subject to the Estate Agents Act 1979 the
report must be completed by a registered auditor as per section
1239 of the Companies Act 2006. See Paragraph 3.23 of the new NFOPP
Client Account Rule Guidelines for further details.
New developments
A new NFOPP client
account reporting format will be introduced for accounting
periods commencing on or after 1 June 2011.
Accountants' Report Forms
If the company has been trading less than 12 months, then you
will need to submit an interim accountant's
report.
For current NAEA only members whose company has been trading
more than 12 months, then you will need to submit a full NAEA accountant's
report.
For new NAEA PPD applications, companies which have
been trading more than 12 months will need to submit the new
accountant's report.
ARLA Members
Please note that, if you are also a member of ARLA, then the Bye
Law 3 report you are required to produce is also acceptable to the
NAEA but not vice versa. However, if you recently joined
ARLA less than 6 months before your year end we
will accept the NAEA report for this year, but your next report
must be the ARLA report and comply with ARLA
Bye Law 3.