Insurance Reports

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).