Reports to the Prudential Authority and the Exchange Control Department
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).
SARB Banks Act Regulatory Reports
In terms of Regulations 39, 40 and 46 of the Regulations relating to Banks issued in terms of the Banks Act (No. 94 of 1990), the external auditor of a bank is required to report to the SARB on various regulatory matters.
In terms of Regulation 46(6) of the aforementioned regulations, the illustrative reports have been rendered in accordance with the wording and practices agreed from time to time between the Prudential Authority, the South African Institute of Chartered Accountants (SAICA) and the IRBA.
Reports
| Title | Date issued | Effective date | Documents |
|---|---|---|---|
| Revised Illustrative Mutual Banks Act Reports | 11 December 2023 | Financial years ending on or after 30 June 2023 | PDF | Word |
| Revised Illustrative Mutual Banks Act Reports | 18 March 2022 | Engagements where the terms of engagement have been agreed on or after 1 January 2022 | PDF | Word |
| Revised Illustrative Reg 46 - SA Reports | 18 March 2022 | Engagements where the terms of engagement have been agreed on or after 1 January 2022 | PDF | Word |
| Revised Illustrative Reg 46 - Foreign Reports | 18 March 2022 | Engagements where the terms of engagement have been agreed on or after 1 January 2022 | PDF | Word |
| Revised Illustrative BA 501 Reports | 18 March 2022 | Engagements where the terms of engagement have been agreed on or after 1 January 2022 | PDF | Word |
| South African and Consolidated Operations – Revised Illustrative Regulatory Reports A-I | 17 March 2021 | Engagements with periods ending on or after 1 January 2021 | PDF | Word |
| Foreign Operations (BA 610 returns) – Revised Illustrative Regulatory Reports A-H | 17 March 2021 | Engagements with periods ending on or after 1 January 2021 | PDF | Word |
| Updated South African and Consolidated Operations - Revised Illustrative Regulatory Reports A-I | 5 November 2020 | Effective as of 16 November 2020 | PDF | Word |
| Updated Foreign Operations (BA 610 returns) - Revised Illustrative Regulatory Reports A-H. | 5 November 2020 | Effective as of 16 November 2020 | PDF | Word |
| Illustrative BA 501 Reports | 18 June 2019 | Effective for banks and affected entities with year ends on or after 28 February 2019 | PDF | Word |
| Illustrative Mutual Banks Act Reports (Parts A-F) | 28 November 2019 | Effective for banks with year ends on or after 31 December 2019 | PDF | Word |
| South African and Consolidated Operations - Revised Illustrative Regulatory Reports A-I | 28 November 2019 | Effective for banks with year ends on or after 31 December 2019 | PDF | Word |
| Foreign Operations (BA 610 returns) - Revised Illustrative Regulatory Reports A-H. | 28 November 2019 | Effective for banks with year ends on or after 31 December 2019 | PDF | Word |
| Revised illustrative regulatory reports A-H | 28 November 2016 | Effective for banks with year ends on or after 15 December 2016 | PDF | Word |
| Illustrative regulatory reports A-H | 1 July 2016 | Effective for banks with year ends on or after 31 December 2015 | PDF | Word |
| Illustrative regulatory reports I-J | 1 July 2016 | Effective for banks with year ends on or after 31 December 2015 | PDF | Word |
South African Reserve Bank Prudential Authority
- Directives issued by the Prudential Authority
- Documents issued for consultation by the Prudential Authority
SARB Mutual Banks Act Regulatory Reports
In terms of Regulation 6 of the Regulations relating to Mutual Banks issued in terms of the Mutual Banks Act (No. 124 of 1993), the external auditor of a mutual bank is required to report to the SARB on various regulatory matters.
In terms of Regulation 6(5) of the aforementioned Regulations, the illustrative reports have been rendered in accordance with the wording and practices recommended from time to time by the South African Institute of Chartered Accountants (SAICA) in consultation with the Prudential Authority and the IRBA.
| Title | Date issued | Effective date | Documents |
|---|---|---|---|
| Updated Illustrative Mutual Banks Act Reports (Parts A-F) | 5 November 2020 | Effective as of 16 November 2020 | PDF | Word |
| Illustrative Mutual Banks Act Reports (Parts A-F) | 28 November 2019 | Effective for banks with year ends on or after 31 December 2019 | PDF | Word |
The Chief Representative Officer Report
The illustrative agreed-upon procedures report was developed by the SAICA Basel Task Group and was approved by SAICA’s Assurance Guidance Committee on 10 August 2022.
| Title | Date issued | Effective date | Documents |
|---|---|---|---|
| Illustrative Representative Office Agreed-upon procedures report | 10 August 2022 | PDF | Word |
Useful links
- South African Reserve Bank
- IRBA Staff Audit Practice Alert: AUDIT IMPLICATIONS OF THE EXPECTED CREDIT LOSS MODEL FOR THE AUDITORS OF BANKS
Related communiques
- 11 December 2023 - Revised Illustrative Mutual Banks Act Regulatory Auditor's Reports
- 18 March 2022 - Revised Illustrative Banks Act Regulatory Auditor's Reports
- 17 March 2021 - Revised Illustrative Banks Act Regulatory Auditor's Reports
- 28 November 2019 - Revised Illustrative Banks Act Regulatory Auditor's Reports
- 19 June 2019 - Illustrative Banks Act Regulatory Auditor's Reports
- 04 December 2018 - Revised Illustrative Banks Act Regulatory Auditor's Reports
- 01 December 2016 - Revised Illustrative South African Reserve Bank (SARB) Banks Act Regulatory Auditor's Reports A-H
- 07 July 2016 - Illustrative South African Reserve Bank (SARB) Banks Act Regulatory Auditor’s Reports
Exchange Control Department Reports
The auditor’s limited assurance report regarding the company’s compliance with the Imports and Exports Undertakings is incorporated in the Exchange Control Rulings of the Exchange Control Department of the South African Reserve Bank.
Reports
| Title | Date issued | Effective date | Documents |
|---|---|---|---|
| Illustrative Report: SARB Macro Prudential Foreign Exposure Limit Return Report | May 2022 |
|
PDF | Word |
| Illustrative Revised Macro-Prudential Foreign Exposure Return Reports | 18 June 2019 | Year ends on or after 28 February 2019 | PDF | Word |
| Section B.2(I)(xiii) of the Currency and Exchanges Manual for Authorised Dealers: Auditor's limited assurance report on the Macro-Prudential Foreign Exposure Limit Return | 12 September 2016 |
Year ends on or after 31 December 2016 |
|
| Exchange Control Circular No. 11/2006: Foreign portfolio investments by South African Institutional Investors – audit requirements |
28 March 2006 |
Useful links
- South African Reserve Bank
- Exchange Control Documents ( including non-resident definition)
