IRBA Issues Revised Illustrative Reports for Financial Sector Regulatory Returns

Posted 22 January 2026 Written by Acts Online
Category Financial and Accounting

Brought to you by SA Accounting Academy: The Independent Regulatory Board for Auditors (IRBA) has issued updated illustrative auditor’s reports for financial sector statutory returns to align with revised independence disclosure requirements for Public Interest Entities (PIEs).

In terms of the Auditing Profession Act, No. 26 of 2005, the Independent Regulatory Board for Auditors (IRBA) Committee for Auditing Standards (CFAS) has approved revised illustrative reports for the statutory returns of banks, mutual banks, insurers, and medical schemes. These updates primarily address the applicability of the Enhanced Auditor Reporting (EAR) Rule and amendments to ISA 700 (Revised), Forming an Opinion and Reporting on Financial Statements.

The revisions clarify that while ISA 700 (Revised) requires the disclosure of independence for PIEs, the EAR Rule applies specifically to the annual financial statements of such entities. Consequently, these specific disclosures are not required to be duplicated within the regulatory reports for statutory returns. The affected reporting frameworks include:

  • Statutory returns for Banks and Mutual Banks;
  • Returns for Insurers and Insurance Groups; and
  • Annual statutory returns for Medical Schemes.

The implementation timeline for these revised templates is bifurcated based on the entity type:

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

Click here to download the IRBA Communiqué and associated illustrative reports.

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

  • For yourself: You must ensure technical familiarity with the updated ISA 700 (Revised) disclosure requirements to correctly distinguish between PIE financial statement reporting and regulatory return reporting.
  • For your business: Audit firms must update their internal reporting libraries and quality management templates to incorporate the new illustrative wording for all financial sector audits with year-ends starting 15 December 2024.
  • For your clients: Clients in the insurance sector should be alerted to the specific 25 November 2025 effective date for Group QRT reporting to ensure their regulatory submission workflows align with the new auditor reporting format.

Originally published at https://accountingacademy.co.za/news/read/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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