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Circular 41 of 2022: Authorisation of Auditors and IFRS advisors

The Council for Medical Schemes (CMS) would like to inform auditors and International Financial Reporting Standards (IFRS) advisors that the online Auditor Authorisations and Approval Portal is now available on https://www.medicalschemes.co.za for 2022 applications.

The final version of the Standards for Authorisation of auditors and IFRS advisors can be accessed on this link:  “Standards for authorisation of auditors for medical schemes”.

The CMS is developing a new auditor authorisation methodology and system, which will be based on Audit Quality Indicators (AQIs). Extended stakeholder engagement will follow in October and November 2022. It is envisaged that this new methodology will be implemented in 2023.

As the current authorisation fees typically cover three years and are based on the current methodology, which is expected to be replaced in the coming year, the CMS has decided to waive all renewal and application fees in this cycle.

Kindly take note of the specified deadlines and the application process.

The application process is set out on the Circular downloadable here.

Yours sincerely,