Circular 35 of 2025: Prescribed auditor report templates (ISA700 revised reports)

This Circular serves to inform all stakeholders that the Independent Regulatory Board for Auditors’ (IRBA) Committee for Auditing Standards (CFAS) has approved the publication of the Revised Illustrative Auditor’s Reports on Financial Statements (International Standard on Auditing (ISA) 700 (Revised) Reports) of Medical Schemes.

Section 37(2) of the Medical Schemes Act of South Africa (the Act) requires an auditor to report on a medical scheme’s annual financial statements (AFS).

Circular 65 of 2015 requires the auditors of medical schemes in terms of Sections 36(5)(d) and 37(2) of the Act to report on Key Audit Matters.

Circular 38 of 2018 requires the auditor’s report on the annual financial statements to disclose the number of years both the audit firm and the engagement partner have been the auditor of a medical scheme (audit
tenure).

The ISA 700 (Revised) report provides reasonable assurance that the AFS were prepared, in all material respects, in accordance with the International Financial Reporting Standards and the requirements of the Act.

Download the Circular here.