Insurance Reports
Warning to Readers
On 29 July 2022, the IRBA Board approved the International Standard on Auditing (ISA) 600 (Revised), Special Considerations - Audits of Group Financial Statements (Including the Work of Component Auditors) for adoption, issue and prescription for use by auditors in South Africa. The approval included Conforming and Consequential Amendments to Other International Standards, effective for audits of financial statements for periods beginning on or after 15 December 2023.
Registered auditors are alerted to the conforming amendments to ISA 700 (Revised) – Forming an Opinion and Reporting on Financial Statements as a result of the adoption of ISA 600 (Revised) in South Africa. These amendments will become effective at the same time as ISA 600 (Revised).
The illustrative reports on this web page have not been updated for the conforming amendments to ISA 700 (Revised) as a result of the approval and adoption of ISA 600 (Revised) in South Africa. Registered auditors should consider the impact of the conforming amendments when issuing auditor’s reports for audits of financial statements for periods beginning on or after 15 December 2023.
Refer to the illustrative auditor’s reports where ISA 600 (Revised) is applicable in SAAPS 3 (Revised March 2024) for illustration of the conforming amendments to ISA 700 (Revised).
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The Committee for Auditing Standards (CFAS) have issued the following reports for use by auditors of Insurers: llustrative Regulatory Reports in terms of the Insurance ActWarning to ReadersOn 30 June 2023, the Prudential Authority (PA) published Prudential Communication 7 of 2023 which is applicable to all licensed insurers as defined in the Insurance Act, 2017 (Act No.18 of 2017). This Prudential Communication provides clarity on the completion of the International Financial Reporting Standard (IFRS) affected items in the Qualitative Reporting Templates (QRTs) following the implementation of IFRS 17 and can be found on the SARB website. The PA issued revised illustrative audit reports for the audit of QRTs directly to solo and micro-insurers. The revisions to these reports only extend to references that the QRTs are completed in accordance with Prudential Communication 7 of 2023. Registered auditors (auditors) should consider the PA issued illustrative reports as the latest version and must use these reports issued by the PA for the audit of all solo and microinsurance entities until the PA publishes the revised QRTs on the SARB website. Once the PA has published the revised QRTs, auditors will be required to revert to using the illustrative reports on the IRBA’s website.
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