On the 23rd of March 2020, President Cyril Ramaphosa announced a national lockdown in an effort to control the spread of COVID-19 in South Africa and flatten the curve. The mandated lockdown has resulted in enormous personal, economic, and social damage.
Beyond that, it has provided a new set of jarring shocks to seemingly sturdy businesses and principles that have guided our thinking for decades. Companies in South Africa had to adapt to the “new normal” and be agile enough to adapt to new ways of working, such as conducting BEE audits remotely.
Many factors can have an impact on achieving a desired BEE level, including:
- Inadequate knowledge of the BEE verification audit process.
- A lack of knowledge of the B-BBEE regulations.
- Failure to comprehend the criteria for B-BBEE compliance and to ensure that your B-BBEE strategy is in line with the purpose of the B-BBEE codes.
- Inefficacy to provide the verification agent with the necessary supporting documentation.
- Failure to conform to the audit deadlines set out by a verification agent.
- You are unable to have adequate evidence for any of your BEE claims.
- Failing to perform a pre-audit independent/in-house BEE score estimate to aid in the resolution of any inconsistencies discovered during the audit.
- Failure to consult with the verification agent and compare the draft audit findings to the company’s standards.
Our team has the knowledge and experience to assist you with all of the above and more in an effective, efficient, and digital manner.
Contact us to ensure your B-BBEE plan and audit is on track to achieve optimal results.
Meeting your B-BBEE goals and requirements is possible! With different year-ends rapidly approaching for many entities, there is no better time to reach out to one of our expert advisors to help you get the most out of your BEE scorecard.