IRBA: Revised Illustrative Banks Act Regulatory Auditor’s Reports

IRBA: Revised Illustrative Banks Act Regulatory Auditor’s Reports

• 19 September 2025
• Audit
• South African Accounting Academy

Summary:
The Independent Regulatory Board for Auditors’ (IRBA) Committee for Auditing Standards (CFAS) has approved the issue of the revised illustrative Banks Act regulatory auditor’s reports for use by registered auditors for banks with periods ending on or after 15 June 2025.
Article:

The following reports have been revised:

• South African and Consolidated Operations – revised illustrative regulatory reports A-I; and.
• Foreign Operations (BA 610 returns) – revised illustrative regulatory reports A-H.

Effective Date: Periods ending on or after 15 June 2025. 

It must be noted that these illustrative reports are templates and changes may be made hereto to the extent required, provided they are consistent with the standard and terms of the engagement. Where substantive changes are made to the illustrative report, firms should consider their own internal policies and procedures to ensure compliance with reporting requirements.

In terms of Regulation 46(6) of the Banks Act No. 94 of 1990, the revised illustrative regulatory reports have been rendered in accordance with the wording and practices that the Prudential Authority, the South African Institute of Chartered Accountants (SAICA) and the IRBA agree to from time to time.

These revised illustrative regulatory reports have been updated for, among others:

• Relevant aspects from the SAICA Guide: Materiality Guidelines for Regulatory Assurance Engagements performed in accordance with Regulation 46 relating to Banks published in August 2024;
• Consequential amendments identified from the Mutual Banks Act regulatory reports revised in 2023;
• Clarification to the wording made to the “Other Information” sections of the reports; and
• Consequential amendments made to the International Standard on Auditing (ISA) 700 (Revised), Forming an Opinion and Reporting on Financial Statements, as a result of ISA 600 (Revised), Special Considerations – Audits of Group Financial Statements (Including the Work of Component Auditors), which has led to an update in the Part A report.

Click here to download 2 Illustrative Reports:

• SA Report (150 pages) https://www.irba.co.za/upload/Revised%20Illustrative%20Reg%2046%20-%20SA%20Report%202025.pdf 

Foreign Report (141 pages) https://www.irba.co.za/upload/Revised%20Illustrative%20Reg%2046%20-%20Foreign%20Report%202025.pdf 

Relevance to Auditors, Independent Reviewers & Accountants:

• In terms of Regulation 6(5) of the Mutual Banks Act, these reports have been rendered in accordance with the wording and practices that the Prudential Authority (PA), the South African Institute of Chartered Accountants and the IRBA agree to from time to time.
• IRBA provides illustrative regulatory reports as guidance to auditors.
• Only applicable to those clients in the banking industry.
• As an auditor, you need to consider and comply with International Standards on Auditing, Auditing pronouncements and other Assurance Services, and thus you need knowledge of the format and content that must be contained in your audit report.

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