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 NAVA 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:

• Institute of Chartered Accountants of England and Wales (ICAEW)
• Institute of Chartered Accountants of Scotland (ICAS)
• Institute of Chartered Accountants in Ireland (ICAI)
• Association of Chartered Certified Accountants (ACCA)
• Association of Authorised Public Accountants (AAPA)

Where the client funds held are subject to the Estate Agents Act 1979 the report muat 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 detaills.

Changes to client account reporting format

A new NFOPP client account reporting format has been introduced. For accounting periods which commenced on or after 1 June 2011, then please click here.

For accounting periods which commenced on or before 31 May 2011, then please click here.

PPDs of new companies, and New PPD Members of existing companies should click here.

NAVA Members who are also ARLA Members

Please note that, if you are also a member of ARLA, then even if your organisation's accounting period commenced on or before 31 May 2011, you must follow the new accounting format.