Circular 28 of 2026: Fostering Greater Auditor Inclusion in the Audit of Medical Schemes

Audit firms are required by the International Standard on Quality Management (ISQM) 1 to make judgments about the firm’s ability to perform the engagement in accordance with professional standards and applicable legal and regulatory requirements. This includes, inter alia, the availability of individuals with relevant industry knowledge (paragraph A72).

The Registrar recognises that the medical schemes environment is highly technical and complex. This complexity, together with the specialised application of IFRS 17, has contributed to limited participation by audit firms in the industry. To support the effective transfer of skills and knowledge to new entrants to the audit market, the Registrar encourages medical schemes and their audit committees to consider joint or shared audit engagements.

Please click here to access the addendum relating to comments received during the stakeholder consultations.

Download the full Circular here.