Regulatory Alerts2020-03-05
FSCA Exemption from Prescribed Formats for Preparing Financial Statements under Section 15 of the Pension Funds Act
The Financial Sector Conduct Authority (FSCA) has exempted Large Funds from using prescribed Schedule D1 and Schedule IB1 auditor’s report formats when preparing financial statements under the Pension Funds Act, 1956. This interim measure permits these funds to substitute the existing formats with Independent Regulatory Board for Auditors (IRBA)-approved illustrative reports, provided they apply the March 2018 and March 2019 templates. The exemption applies retrospectively from March 2018 and remains valid until the underlying Board Notice is formally amended to incorporate the IRBA templates into a prudential standard.
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