IRBA: Revised Illustrative Banks Act Regulatory Auditor’s Reports

Posted 19 September 2025 Written by Acts Online
Category Financial and Accounting

Brought to you by SA Accounting Academy: The Committee for Auditing Standards (CFAS) has approved revised illustrative regulatory auditor’s reports for banks to ensure alignment with current regulatory practices and standards.

In terms of Regulation 46(6) of the Banks Act, No. 94 of 1990, the Independent Regulatory Board for Auditors (IRBA) has released updated illustrative reports for use by registered auditors. These templates have been rendered in accordance with wording and practices agreed upon by the Prudential Authority, the South African Institute of Chartered Accountants (SAICA), and the IRBA.

The revised reports are effective for bank audit periods ending on or after 15 June 2025. While these documents serve as standardized templates, the IRBA notes that:

  • Auditors may make changes to the templates provided they remain consistent with the relevant auditing standards and the specific terms of the engagement.
  • Where substantive changes are made to the illustrative wording, audit firms must apply internal policies and procedures to ensure the final report complies with all statutory reporting requirements.
  • The updates include specific revisions to the 141-page Foreign Report.

Click here to download the Revised Illustrative Reg 46 — Foreign Report 2025.

What this means for you, your business, or your clients

  • For yourself: Registered auditors performing bank audits must familiarize themselves with the revised wording to ensure that regulatory reports issued for periods ending mid-2025 onwards meet the updated standards.
  • For your business: Audit firms must update their standard reporting templates and internal compliance checklists to reflect the changes approved by the CFAS and the Prudential Authority.
  • For your clients: Banking institutions will receive regulatory audit reports that reflect these updated practices, ensuring their statutory filings remain compliant with Regulation 46 of the Banks Act.

Originally published at https://accountingacademy.co.za/news/read/irba-revised-illustrative-banks-act-regulatory-auditor-s-reports

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