DTI Conducts Survey on BBBEE Verification Agencies

Posted by Transcend
Thursday, 27 September 2012  |  Comments

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Department of Trade and Industry

A survey is being conducted to ascertain the profile of current broad-based black economic empowerment (BBBEE) verification agencies.

In a statement, the trade and industry department confirmed that the survey is being carried out to help prepare relevant legislation.

The survey is being conducted in conjunction with the independent regulatory board for auditors (IRBA) and association of BEE verification agencies.

Reference was made to the BBBEE Amendment Bill.

Cabinet approved the bill for tabling in parliament in August 2012. It was published for comment in December 2011.

The bill seeks to introduce the following amendments:

• Greater emphasis on enterprise development (ED) and procurement
• Penalties for non-compliance in terms of ED and procurement elements within the BBBEE scorecard
• Points of ownership element to be broadened
• Thresholds to be established for each element except for adjusted ownership element
• Qualifying small enterprises scorecard to be adjusted
• Employment equity element to be aligned to the Employment Equity Act
• Skills development element to be aligned to new skills development strategy and new growth path
• Targets within ownership skills development procurement and enterprise development to be adjusted

The bill also calls for the IRBA to regulate verification agencies.

Consequently, the IRBA has to redraft the Auditing Profession Act (APA) in order to meet the requirements to regulate the agencies.

In order to assist this process, the decision was taken to analyse the industry and “conduct a survey to understand the business and professional profile of all accredited verification agencies”.

“This process will assist with, and inform, the re-drafting of the APA with regard to the specific requirements relating to verification professionals”.

No timeframe for the survey is provided.

The department has also released for comment a key action programme of the industrial policy action plan 2012/13-2014/15.

The people carrier automotive investment scheme (P-AIS) aims to help people carrier manufacturers/assemblers and automotive component manufacturers with investment.

“The P-AIS is a sub-component of the Automotive Incentive Scheme (AIS) and is designed to stimulate a growth path for the people-carrier vehicle industry. It aims to do so through investment in new and/or replacement models and components that will result in new or retention of employment and/or strengthen the automotive vehicles value chain”.

The guidelines for the scheme have been released for comment until 28 September 2012.

The guidelines can be viewed at www.thedti.gov.za.

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