Over the past year we have adjusted to new ways of working. With the “new normal” of working remotely and BEE audits being conducted remotely, it is of utmost importance for companies to get expert BEE Audit assistance to ensure that they are done in an efficient manner. A measured entity can spend a significant amount of time and money to transform the company to achieve their required BEE level. The above does not always reflect in the BEE certificate obtained after verification and this can have a detrimental effect on the company.
The process is challenging as it is not easy to manage the audit remotely, and as a result, the final certificate might not reflect the time and resources spent to achieve the desired outcome through your BEE strategy.
Companies that have participated in the Youth Employment Service or YES programme have experienced additional challenges as a result of the pandemic with some requirements not being met.
The above can be because of several factors but not limited to the below:
- Not understanding the BEE audit process.
- Inability to provide the required supporting documentation to the verification agent.
- Not meeting the audit timelines of a particular verification agent.
- Not reviewing the draft audit results against the company forecast and liaising with the verification agent.
- Not meeting the YES requirements and therefore affecting the level enhancement
Before starting your BEE Audit verification, it is important that:
- The correct supporting documentation for all your BEE claims is in place.
- Interpretative stances on legislation are understood and signed off with your verification agent.
- An independent/in-house BEE score is calculated pre-audit for you to better address any variances during audit.
As per SANAS R47-03 Accreditation of B-BBEE Rating Agencies document states the following:
10.2.4 The B-BBEE Rating Agency shall ensure that all dealings are directly with the Measured Entity and not a third party.]
Transcend Corporate Advisors is a trusted service provider that can assist you with your BEE Audit journey by helping you understand the verification process resulting in an efficient and accurate verification. We will need a power of attorney signed prior to the audit so that we can engage directly with the verification agency.
Transcend BEE Audit assistance service offerings include the following:
- Pre-verification and file review
- Verification phase and onsite assistance
- Post-verification and wrap assistance
- Where necessary, this includes application to the DTI for dispensation for YES if there are requirements not met as listed on the YES practice note.
Contact Transcend Corporate Advisory to ensure your BEE plan and audit is on track to achieve optimal results.
Please ensure you book a slot for audit assistance as soon as possible as this is our busiest time.