5 Tips For B-BBEE Verification
The B-BBEEE verification process can be strenuous if you are not adequately prepared for what to expect.
We have outlined some guidelines which will assist with making the verification process smoother.
Please be sure to consider the below when preparing for your B-BBEE audit:
- Ownership and the Management Control elements are measured as at the date of the audit and not tied to the financial year being accessed.
- You can implement great transformation initiatives but without the correct supporting documentation the Verification Agency is not going to award points.
- Ensure that your initiatives are in line with the requirements outlined in your specific B-BBEE legislation. An example is the ICT codes that requires the Socio-Economic Development Contribution to be an ICT specific initiative to qualify.
- Verify your initiatives with consultants and/or Verification Agency if you are unsure whether the initiative will qualify before implementing the initiatives.
- Certificates issued by IRBA or SANAS accredited agencies for entities below R10 million are not accepted. Please ensure you procurement/ transformation team is aware of this when sourcing certificates.
Thrive Corporate Advisors implements B-BBEE strategies that make both business sense while ensuring that the spirit of the B-BBEE Act is being carried out. Our solution aims at providing our clients with technical expertise in order to make informed decisions in terms of their B-BBEE strategies. Our goal is to provide assistance to companies that we believe will add value to South Africa through the B-BBEE codes by implementing meaningful symbiotic strategies that aims to assist our clients as well as the intended beneficiary or supplier. This approach means that B-BBEE becomes a byproduct of business instead of a tax to achieve points.
Thrive Corporate Advisors is a Broad-Based Black Economic Empowerment (“B-BBEE”) consulting and advisory firm which assists the corporate sector with all aspects of B-BBEE legislation.