Regulatory Alerts2018-03-26
CISCA Circular No 3: Annual Financial Statements for Collective Investment Schemes in Securities
The South African Financial Services Board issued CISCA Circular No 3 to establish interim accounting and auditing standards for collective investment schemes in securities following domestic auditing framework changes. The circular exempts scheme auditors from the statutory "fairly present" reporting requirement under the Collective Investment Schemes Control Act, allowing entity-specific accounting bases aligned with South African Auditing Practice Statement 2. Managers whose financial years ended on 31 December 2005 receive a filing extension until 31 May 2006 while the regulator evaluates the long-term adoption of SA GAAP or IFRS.
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