LATEST UPDATE

Revised Illustrative Auditor’s Reports on Financial Statements (ISA 700 (Revised) Reports) of Medical Schemes

The Independent Regulatory Board for Auditors’ Committee for Auditing Standards has approved the issue of the Revised Illustrative Auditor’s Reports on Financial Statements (International Standard on Auditing (ISA) 700 (Revised) Reports) of Medical Schemes: Appendix 5 in the Revised Guide for Registered Auditors: Assurance Engagements on the Annual Financial Statements and Annual Statutory Returns of a Medical Scheme. These reports are available on:

https://www.irba.co.za/guidance-to-ras/technical-guidance-for-auditors/industry-specific-guides-and-regulatory-reports/medical-schemes-engagements

The South African Auditing Practice Statement 3 (Revised September 2025), Illustrative Reports, has also been updated for the Narrow Scope Amendments to ISA 700 (Revised).The illustrative auditor’s report templates for audits of financial statements of medical schemes are effective for audits of financial statements for periods beginning on or after 15 December 2024. With regard to audits of PIEs, the changes made as a result of the EAR Rule became effective for audits of financial statements for periods ending on or after 15 December 2024.

For any queries, please email the Standards Department.