The following reports are for use by registered auditors:
These illustrative regulatory reports are effective for financial years ending on or after 1 January 2022.
In terms of Section 63 of the Act, the Prudential Authority (PA) may prescribe Prudential Standards on any matter that is required or permitted by the Act. As such, the PA has prescribed Prudential Standards that set out the regulatory framework for assessing the financial soundness of South African insurers, insurance groups, branches of foreign reinsurers and microinsurers (collectively referred to as insurers) from a regulatory perspective. Related to these Prudential Standards, the PA requires regulatory information be submitted using the Quantitative Reporting Templates, for the purposes of ongoing supervision of the insurers.
Furthermore, in terms of Section 47, read with Section 44 of the Act, the insurer must cause the information provided to the PA for regulatory purposes to be audited.
The PA published the Prudential Standards on Audit Requirements for Insurers, Insurance Groups, Branches of Foreign Reinsurers and Microinsurers in December 2021. The Prudential Standards are effective for financial years ending on or after 1 January 2022.
These Prudential Standards specify the information that must be audited in terms of Section 47 of the Act and also require certain information to be reviewed, as set out in Section 44(1), read with 62(1)(c).
Click here to access and download these Illustrative Regulatory Reports:
Relevance to Auditors, Independent Reviewers & Accountants:
Relevance to Your clients:
To stay current with all the latest changes and updates subscribe to our Monthly Compliance and Legislative Update series for R 250.00 per month. This gives you access to a monthly 2-hour webinar and monthly newsletter:
https://accountingacademy.co.za/profession/monthly-legislation-update
Get all your CPD online. SA Accounting Academy (SAAA) offers Subscription Plans, Live Webinars, Webinars On-Demand, Access to Experts, Courses, Articles and more:
https://cpd.accountingacademy.co.za.
View upcoming live accounting and practice management webinars.
Learn MoreBrowse our extensive range of relevant accounting and practice management webinars.
Learn MoreBrowse our relevant and practical online courses.
Learn MoreAccess to professional and technical content that ensures both your knowledge and skills are maintained.
Learn MoreAccess updated legislation including amendments.
Learn MoreA source of commonly asked technical accounting questions.
Learn More