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CMS: Circular 22 of 2025 – Audit Quality Indicators (AQIs)
- 18 August 2025
- Audit
- South African Accounting Academy
Summary:
The Council for Medical Schemes (CMS) invited comments on proposed Audit Quality Indicators (AQIs) for 2026 financial statement audits and on the need to have ethics and governance related indicators.
Article:
At the Council for Medical Schemes’ (CMS) engagement with audit committees and auditors on 28 March 2025, the CMS received support to implement the proposed Audit Quality Indicators (AQIs) for audits of financial statements for the year ended 31 December 2026.
As such, this circular seeks to share the proposed AQI template that will be used during the appointment of auditors as per section 36(1) of the Medical Schemes Act (131 of 1998) (MSA), and communicated the deadline for comments by audit committees.
The CMS has also received requests to incorporate additional AQI considerations relating to ethics and governance.
Consequently, the CMS also invited comments on the need to have ethics and governance-related indicators.
Stakeholders were invited to review the AQI template and provide their comments by 31 July 2025.
Click here to download Circular 22 of 2025:
https://www.medicalschemes.co.za/download/3770/2025-circulars-current/30082/circular-22-of-2025.pdf
Relevance to Auditors, Independent Reviewers & Accountants:
- Auditors, Independent Reviewers and Accountants should always be aware of the latest publications issued by regulators and standard-setting boards, such as the IRBA, as well as what the impact will be on engagements performed on medical schemes.
- As an auditor of a medical scheme, you need comply with and use the individual prescribed auditor report templates, and you need to be aware of the latest circulars issued by the Council for Medical Schemes that affect auditors.