Revised Illustrative Section 15 Retirement Fund Agreed-upon Procedures Reports

24 May 2022
Auditing and Assurance
South African Accounting Academy

These revised illustrative regulatory reports include reports for:

Ordinary Funds;
Umbrella Funds; and
Retirement annuity and preservation Funds.

The above reports have been updated for the following:

The Revised ISRS 4400, Agreed-Upon Procedures
The changes in substance between the extant ISRS 4400 and ISRS 4400 (Revised), including changes to:
- Scope and Responsibilities
- Compliance with Independence Requirements
- The Agreed-Upon Procedures Report.

These revised illustrative regulatory reports are effective for engagements for which the terms of engagement are agreed on or after 1 January 2022, and this is consistent with the effective date of ISRS 4400 (Revised). Accordingly, engagement teams should consider updating previously signed engagement letters.

Click here to download these Revised Reports:

https://www.irba.co.za/guidance-to-ras/industry-specific-guides-and-regulatory-reports/retirement-fund-reports

Relevance to Auditors, Independent Reviewers & Accountants:

The Financial Services Board (FSB) gazetted the new Prescribed Financial Statements Applicable to the Different Categories of Funds, including all the auditor reports for the different types of funds, on 18 July 2014, in Board Notice 77 of 2014, Government Gazette 37844. The FSB was succeeded by the Financial Sector Conduct Authority (FSCA), effective 1 April 2018.
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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