IRBA_Revised Illustrative Reports on Regulatory Returns for Banks, Mutual Banks, Insurers and Medical Schemes, and Applicability of the EAR Rule

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IRBA_Revised Illustrative Reports on Regulatory Returns for Banks, Mutual Banks, Insurers and Medical Schemes, and Applicability of the EAR Rule

• 22 January 2026
• Audit
• South African Accounting Academy

Summary:
The Independent Regulatory Board for Auditors’ (IRBA) Committee for Auditing Standards (CFAS) has approved and issued revised illustrative auditor’s reports for statutory returns of banks, mutual banks, insurers, and medical schemes, and the applicability of the Enhanced Auditor Reporting (EAR) Rule. 

Article:
The following revised illustrative reports have been issued: 

• Statutory Returns of Mutual Banks in terms of Regulation 6 of the Mutual Banks Act
• Statutory Returns of Banks in terms of Regulation 46 of the Banks Act – SA Reports
• BA 610 Statutory Returns of Banks in terms of Regulation 46 of the Banks Act – Foreign Reports
• Annual Quantitative Reporting Template (QRT) of Solo Insurers
• Annual QRT of Branches of Foreign Reinsurers
• Annual QRT of Microinsurers
• Annual Group QRT of Insurance Groups
• Parts 4 to 10 of the Medical Schemes Annual Statutory Returns (Combined International Standard on Auditing (ISA) 800 (Revised) and International Standard on Review Engagements 2410 Reports).

Key updates include amendments to ISA 700 (Revised), requiring disclosure of independence for public interest entities (PIEs). The Enhanced Auditor Reporting (EAR) Rule applies only to annual financial statements of PIEs, so these disclosures do not need to be repeated in regulatory reports.

Refer to the IRBA Communiqué for more detail on the key revisions, as well as individual link to download each of the above returns.

The revised illustrative report template for Annual Group QRT of Insurance Groups is effective from 25 November 2025. All the other revised illustrative report templates are effective for financial year-ends beginning on or after 15 December 2024.

Click here to access the 6-page IRBA Communiqué (which contains the link to download all individual reports):

https://www.irba.co.za/upload/report_files/59.-Revised-illustrative-auditor-s-reports-on-regulatory-returns_PIE-Track-1.pdf 

Relevance to Auditors, Independent Reviewers & Accountants:

• IRBA provides illustrative regulatory reports as guidance to auditors.
• In terms of Mutual Banks Act, these reports have been rendered in accordance with the wording and practices that the IRBA and other relevant regulators agree to from time to time.
• Only applicable to those clients in the banking, insurance and medical scheme industries.
• 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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