Regulatory Alerts2021-03-12
D3/2021 Reporting Requirements in Terms of Regulation 46
The Prudential Authority issued Directive D3/2021 to specify detailed reporting obligations for auditors of banks, controlling companies, and foreign branches under Regulation 46 of the Banks Regulations. The directive streamlines illustrative regulatory reports by removing granular breakdowns to minimize frequent amendments, directing auditors to apply a standardized audit matrix for engagements covering financial years ending on or after 28 February 2021. Auditors must submit audit, review, or limited assurance reports that explicitly reference this directive and align with published templates, ensuring consistent quantitative and qualitative disclosures across South African and foreign operations.
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