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The South African Financial Services Board has withdrawn Circular 27, which previously required managers and auditors of collective investment schemes to report on Key Audit Matters.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.
FINANCIAL SERVICES BOARD Riverwalk Office Park Block B 41 Matroosberg Road Ashlea Gardens Extension 6 Pretoria South Africa 0081 PO Box 35655 Menlo Park Pretoria South Africa 0102 Tel +27 12 428 8000 Fax +27 12 346 6941 E-mail info@fsb.co.za Toll free 0800 110443/0800 202087 Website: www.fsb.co.za FSB i --�-���'.���-s_: __________ j. �� ��9_ ib?�"'.. �!�?��� ·····-·--i .�o�:'A LLING _ i _012428_8017 __ ......... ·-· · ·····----·······-·--· i ouR RE F: i Circular 28 , FA X: , i. DATE: ________________ ! _24 October 2016 ___ ·--··· ·. · ·--- i. E-MAIL: _ ·--- i Kedibone.Dikokwe@fsb.co.za ... ____ J INFORMATION CIRCULAR N0.28 WITHDRAWAL OF CIRCULAR N0.27 ISSUED ON 29 APRIL 2016 TO MANAGERS AND AUDITORS OF COLLECTIVE INVESTMENT SCHEMES The Registrar wishes to advise that following the issuing of Circular 27 pertaining to Key Audit Matters ("KAM) in April 2016 he received representations from industry regarding the appropriateness of the Circular for collective investment schemes. Having considered the representations made, the Registrar hereby withdraws Circular No. 27 issued on 29 April 2016 with immediate effect. The effect of the withdrawal is that managers will not have to report on KAM as was contemplated in the Circular. J.A REGISTRAR OF COLLECTIVE INVESTMENT SCHEMES Board Members: AM Sithole (Chairperson) H Wilton (Deputy Chairperson) Z Bassa JV Mogadime S A B S Prof PJ Sutherland FE Groepe D Turpin HMH Ratshefola D Msomi I Momoniat O Makhubela (Alternate) 1 s O 9 0 0 1 Executive Officer: DP Tshidi