Yes, a company can only proceed with a B-BBEE verification based on the company’s latest financial statements. The South African National Accreditation System (SANAS) is responsible for the accreditation of BEE verification agencies. SANAS has specifically addressed the measurement period that entities can use for their BEE verification.
In the past, some verification agencies were willing to accept financial statements for any 12-month period, but SANAS has now stated clearly that the measured period can only ever be the financial year-end for the business as registered with the CIPC.
All verifications must be done on the company’s latest financial year-end, regardless of whether the financial statements are ready.
If the financial statements are not yet ready, you must do a ten-point check on the management accounts. For most companies, this means that they will have to submit by the financial year end of February 2022.
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