Broad Based Black Economic Empowerment
(B-BBEE) aims to accelerate the participation of black people in the economy, in this way empowering the population to meet its own social needs.
It intends to achieve this by encouraging change in key areas of business: ownership; management and control; employment equity; skills development; preferential procurement; enterprise development and socioeconomic development. B-BBEE has assisted sectors of business to focus on issues affecting its transformation. When implemented correctly,
it supports job creation, global competitiveness and economic growth.
Our approach to B-BBEE
Our professionals combine a solid foundation in accounting, finance and tax together with extensive consulting and sector experience. Partnering with our Transaction Advisory team offers clients the following benefits:
- Our holistic approach to B-BBEE, means equal focus on all elements that constitute B-BBEE best practice.
- A thorough risk assessment prior to audit commencement, focusing efforts on key areas.
- We follow a risk-based approach to the audit of the B-BBEE scorecard. This enables us to focus on the key areas and to express a limited assurance conclusion based on the B-BBEE codes or sector codes as applicable.
B-BBEE Podcasts on PowerFM
B-BBEE Codes Confusion.Listen Here
|20 May 2016|
The future of the codes, where to from here.Listen Here
|07 May 2016|
Sizwe Ntsaluba Gobodo explains the amended B-BBEE Codes with Andile Khumalo.Listen Here
|06 May 2016|
Nhlanhla Sigasa, a partner at SizweNtsalubaGobodoListen Here
|05 May 2015|
Sizwe Ntsaluba Gobodo discusses the importance of the amended B-BBEE codes.Listen Here
|04 May 2016|
B-BBEE service offering
- Transaction advisory (deal structuring and post implementation reviewing)
As an independent advisor we partner with clients to decide on the most appropriate empowerment strategy before embarking on designing and structuring the partnership. We then go on to identify and negotiate with the partners that best fit the strategy, as well as assist in the design and implementation of a sustainable funding structure. We offer post implementation deal review services to independently assess and report on the ownership relationship and its achievement of the objectives as set out in the ownership agreement and as understood by the key stakeholders of the deal.
- B-BBEE forensic investigations
We offer ownership, members and or directorship probity reviews and fronting investigations.
B-BBEE Audit/ Verification
- B-BBEE verification
We issue clients with a verified B-BBEE certificate together with their Annual Financial Statements which we independently verify within our Assurance Division. In line with the overall objective of B-BBEE legislation, we ensure that all certificates issued are legally compliant and provide organisations with an accurate view of their present B-BBEE status. We offer post implementation deal review services to independently assess and report on the ownership relationship and its achievement of the objectives as set out in the ownership agreement and as understood by the key stakeholders of the deal.
- Internal audit reviews
We are able to assist organisations in reviewing certain internal controls related to B-BBEE processes instituted by the organisation so as to add value and improve an organisation’s B-BBEE processes.
- Training workshops
We offer in-house training sessions on the Revised B-BBEE Codes of Good Practice and the B-BBEE Amendment Bill. The training is tailored to suit the requirements of our clients providing an overview of B-BBEE as well as focus on the specific areas of interest to the delegates and unpacking the key changes and the likely impact on the business.
Benefits of compliance
It’s very important to note that acquiring an acceptable B-BBEE status is not necessarily only about black ownership. The scorecard makes it possible for companies to acquire a favourable status by taking into account all seven elements.Some of the benefits and reasons for embracing B-BBEE are:
- An acceptable scorecard will ensure that business is not lost to competitors that are B-BBEE compliant.
- Allows participation in the formal South African economy.
- Have access to tax incentives and financial grants, specifically aimed at the B-BBEE programme.
- Be favourably considered for procurements by the Public Sector and all B-BBEE verified enterprises.