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Council for Medical Schemes publication that Impacts Auditor’s Reports + Updated health warning in IRBA Guide
- 24 May 2024
- Auditing and Assurance
- South African Accounting Academy
These revisions, are effective for auditor’s reports of annual reporting periods of medical schemes beginning on 1 January 2023.
In light of this, the Independent Regulatory Board for Auditors (IRBA) has revised the health warning included in the Revised Guide for Registered Auditors: Assurance Engagements on the Annual Financial Statements and Annual Statutory Returns of a Medical Scheme (Updated for narrow-scope amendments made to IAS 1).
Access to the amended health warning included in the revised guide here:
Communiqué re Medical schemes engagements
Revised Guide for Registered Auditors: Assurance Engagements on the Annual Financial Statements and Annual Statutory Returns of a Medical Scheme (Updated for narrow-scope amendments made to IAS 1) (Revised June 2023)
- https://www.irba.co.za/upload/Revised%20Guide%20for%20RAs%20-%20Medical%20Scheme%20Engagements.pdf
- effective for Audits and reviews of financial statements for periods ending on or after 31 December 2023
Click here to download the Circular issued by the CMS:
https://www.medicalschemes.co.za/download/3728/2024-circulars-current/28586/circular-15of2024.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 refer to relevant circulars issued by the Council for Medical Schemes that affect auditors.