2018 - Your Role in the BEE Verification Process
Overview
Various companies and their advisors are being probed by the B-BBEE Commission for violation of the B-BBEE Act and failure to comply with the Codes of Good Practice contained in the Act. Areas of investigation include fronting and whether the implementation of employee trusts involving black ownership meets ownership requirements and complies with the Act.
To effectively help your clients to tick the right boxes on the B-BBEE scorecard and offer advisory services that fall within the scope of the law, accountants need to be experts in empowerment regulation and be comfortable with the complicated verification steps it requires. In this webinar, Paul Janisch take attendees through the rules and processes and specifically discuss the documents that that accounting officers need to provide.
Learning objectives
The objective of the course is to provide the delegate with
- An overview of the types of documents that an accountant might be required to present at each stage of the verification process and the format that they should be presented in.
- An understanding of the presentation of accounts and where these fit in in the verification process.
- A discussion around an accountant or auditor’s involvement in the process.
- A breakdown of the elements which are vital to the process for accounting officers, excluding an opinion on management/control or skills development.
- The process involved in restructuring a business to reach various levels of BEE compliance
Course content
The webinar will cover the following topics:
- Why a BEE level 4 is not good enough. Companies turning over less than R50m with at least 51% black ownership are automatic level 2s. What are the implications of such restructuring?
- Presentation of accounts for verification. Management accounts vs audited accounts – both are acceptable for now. Changing measurement periods for maximum benefit.
- Ownership – affidavits, documents, valuations are all important
- Procurement – how this is calculated using the income statement and balance sheet
- Enterprise and supplier development. Supporting documentation
- Keeping that Commissioner of Oaths stamp handy
