Roisin Magill explores the five most common issues encountered by the PSRA in Accountant's Reports so their clients can avoid delays and additional costs
The Property Services Regulatory Authority (PSRA) plays a crucial role in regulating and overseeing the property services industry in Ireland.
One of the PSRA's key responsibilities is to ensure that property service providers comply with the law, including the requirement to submit an annual Accountant’s Report for each company/business Licence Renewal Application.
However, each year, the PSRA receives incomplete Accountant’s Reports, which impact the efficiency of the renewal process (both for your client and the PSRA) and require additional engagement with the licensee or their representative.
To highlight the issues in incomplete Accountant’s Reports, the PSRA has compiled the following guidance.
Include all addresses
Section 1.2 of the Accountant’s Report requires the inclusion of all addresses at which the business is carried out. Frequently these details are omitted.
Insert signature in all required places
The accountant’s signature must be inserted at various points in the Accountant’s Report, namely in Section 4.2 and Appendices 1, 2, 3A, 3B, 4 and 5.
A physical signature or a verified digital signature such as DocuSign is acceptable.
Insert ‘Nil’ where applicable
In Appendices 1 and 2 of the Accountant’s Report, where no matters of concern have been identified by the accountant, a ‘Nil’ response must be inserted in the appropriate sections.
Complete all rows
Appendix 3A (Client Account Balancing Statement) requires all rows to be completed fully and correctly.
Each row requires a figure or, where there is no applicable figure, ‘Nil’ should be inserted in the response box.
While the Client Account Balancing Statement is prepared by the licensee, the accountant should ensure that all figures in the statement are inserted correctly to arrive at the final balancing figure indicating whether there is a surplus or a deficit on the client account.
Where the Accountant’s Report indicates that the client account balances, a ‘Nil’ response should be inserted to indicate that there is neither a surplus nor a deficit.
Include full title
In Appendix 4 (Name on Account) the full title of the client account should be included, confirming that the word ‘Client’ is in the title.
Adhering to the above points when preparing your client’s Accountant’s Report for inclusion with your client’s Licence Renewal Application will ensure that your client’s application is processed in a timely manner without the requirement to submit an amended Report to the Authority, saving time and money.
Roisin Magill is Assistant Principal Officer of Licensing at the Property Services Regulatory Authority