Survey calls for input from B-BBEE verification agencies

The Department of Trade and Industry has called for input from accredited verification agencies as part of a survey to ascertain the profile of current Broad-Based Black Economic Empowerment (B-BBEE) verification agencies.
The survey – conducted by the dti, the Independent Regulatory Board for Auditors (IRBA) and Association of B-BEE Verification Agency (ABVA) Board – will facilitate the preparation of appropriate and relevant regulatory legislation.
In December 2011, the Minister of Trade and Industry issued the B-BBEE Amendment Bill in terms of Section 9 (1) of the B-BBEE Act for public comment, with a comment period of 60 days.
The effect of this Bill was, inter alia, to extend the mandate of the IRBA to include the regulation of the B-BBEE verification industry, the dti explained. “As a result of this development, it became necessary for the IRBA to redraft the Auditing Profession Act
(APA) to incorporate requirements to regulate the B-BBEE verification industry.
“It is against this background that the dti and the IRBA, in consultation with the industry, partnered with the ABVA Board to initiate the process of analysing the industry and conducting a survey to understand the business and professional profile of all accredited verification agencies.”
The dti believes this process will assist with, and inform, the re-drafting of the APA with regard to the specific requirements relating to verification professionals.
Emails can be directed to mseate@irba.co.za