How has the new regulatory structure
for B-BBEE been defined?
In March last year, the Independent Regulatory Board for Auditors (IRBA) stated that it was withdrawing from the regulation of the B-BBEE verification industry at the end of September that same year.
Since then there has been many engagements with various stakeholders in the industry to finalise a complete regulatory process. During the end of last year, many IRBA-registered auditors commenced accreditation with the South African National Accreditation System (SANAS).
However, one has to question what exactly has happened since the withdrawal of the IRBA and how the new regulatory structure for B-BBEE has been defined?
Over the past few months there has been talks that the South African Institute of Chartered Accountants (SAICA) is considering its options to become the IRBA replacement.
As SAICA is weighing up its options carefully before announcing its final decision, the public will have to wait patiently until then. For the moment, however, all agencies will need to comply with SANAS regulations in order to issue certificates.
Currently, there are only 66 agencies accredited to service the entire South African base.