Regulatory Alerts2018-03-26
FSB Circular 28: Withdrawal of Key Audit Matters Requirement for Collective Investment Schemes
The South African Financial Services Board has withdrawn Circular 27, which previously required managers and auditors of collective investment schemes to report on Key Audit Matters. This immediate revocation follows industry representations regarding the suitability of applying Key Audit Matters disclosures to collective investment schemes. As a result, scheme managers are exempt from the Key Audit Matters reporting obligation effective immediately.
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