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Ensure a Smooth, Accurate and Efficient Audit. Preparing for your BBBEE verification process is essential to ensure your BBBEE certificate accurately reflects your transformation efforts. Many measured entities invest significant time and resources to transform their companies, only to achieve a lower BEE level than expected due to audit-related challenges.
Common pitfalls include:
Misalignment among stakeholders on B-BBEE scorecard interpretations, calculations, timelines
Limited understanding of the BEE verification process and legislation
Inability to provide the required supporting documentation to the BEE verification agent
Missing the verification timelines of a particular BEE verification agency
Failure to match the draft audit results against the company forecast and liaising with the verification agent
BEE verification agent engagement
Calculation of the forecast BEE scorecard as well as identify any areas for optimisation
Review and submit claims to BEE verification agent
Review sample selection of auditor for completeness and accuracy
Assist in compiling and reviewing the audit file
Project manage the BEE audit process with the auditor and the company’s internal teams
Ensure that all interpretative risks are managed as far as possible with the BEE auditor
Transcend will be present at the onsite to assist the team with project management of the audit, including the scheduling of employee interviews
Engage with the auditor to align Transcend's forecast score to theirs to ensure optimisation of scorecard level
Assist in clearing all audit file review notes
Ensure that all deadlines for the audit are met
Provide a written report on the audit, debriefing what went well as well as areas of improvement
Provide a baseline for the BEE strategy for the next year
Transcend has developed and trained a first-of-its-kind bespoke BEE Verification Assistance team. This team is fit-for-purpose for ensuring your audit is as efficient and cost-effective as possible, while yielding optimal results on the scorecard.
The team is led by qualified CA(SA)s who have spent many years within the audit and BEE environment
The BAVA team consists of numerous CA(SA)s and BEE experts alike, that understand: the BEE legislation, have robust financial acumen essential to verification, as well as extensive auditing experience
We built our audit process using LEAN thinking principles—reducing error, reducing unnecessary steps, saving time and costs, and improving interaction with stakeholders
The team has built important relationships with critical stakeholders within the industry
