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CMS: Joint and shared audit engagements
- 09 October 2026
- Negotiating Tax Debt and Payment Arrangements with SARS
- South African Accounting Academy
Summary:
The Council for Medical Schemes (CMS) has issued a circular to encourage medical schemes and audit committees to consider joint or shared audit engagements to enhance audit quality, support skills transfer, promote transformation, and increase competition in the medical schemes audit market, while maintaining independence and continuity.
Article:
The Circular is titled "Fostering Greater Auditor Inclusion in the Audit of Medical Schemes".
Audit firms are required by the International Standard on Quality Management (ISQM) 1 to make judgments about the firm’s ability to perform the engagement in accordance with professional standards and applicable legal and regulatory requirements. This includes, inter alia, the availability of individuals with relevant industry knowledge (paragraph A72).
The Registrar recognises that the medical schemes environment is highly technical and complex. This complexity, together with the specialised application of IFRS 17, has contributed to limited participation by audit firms in the industry. To support the effective transfer of skills and knowledge to new entrants to the audit market, the Registrar encourages medical schemes and their audit committees to consider joint or shared audit engagements.
Joint and shared audit engagements provide flexibility to medical schemes while continuing to support transformation objectives, subject to the prudent management of scheme funds.
Click here to download Circular 28 of 2026:
https://www.medicalschemes.co.za/download/3819/2026-circulars-current/31350/circular-28-of-2026
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 and CMS, 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 the requirements for joint and shared audit engagements, and refer to relevant circulars issued by the Council for Medical Schemes that affect auditors.
Relevance to Your clients:
- Medical schemes and audit committees are urged to consider joint or shared audit engagements to enhance audit quality.