Regulatory Alerts2018-03-26
Notice 557 of 2006: Exemption of Auditor of Collective Investment Scheme in Securities from the Collective Investment Schemes Control Act, 2002
The Financial Services Board exempts auditors of collective investment schemes in securities from section 74(3) of the Collective Investment Schemes Control Act, 2002. Under this exemption, auditors must still report to scheme managers that accounting records and annual financial statements materially comply with the accounting basis specified in the statements. If the statements do not follow South African GAAP or International Financial Reporting Standards, the audit report must instead adhere to the entity-specific basis determined under SAAPS2B.
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