“By failing to prepare, you are preparing to fail.” These eight words by Benjamin Franklin summarises the basic fundamentals of your BEE certificate. To be compliant, be it a level 1 or a level 8, you need to get your ducks in a row before the last day of your financial year. The Companies Act, in Section 30, demands the Annual Financial Statements of a company to follow its Financial Year-End. The Verification Manual prescribes the Audited Financial Statements to be used across the...

With our world as we know it being forced to move over to remote or electronic means of conducting and continuing with business over the last eighteen months, it is evident that the world has also subsequently become expectant of absolutely everything else to happen quicker as well.   This is a blessing and a curse for most companies as some processes are sped up when we can find an alternative electronic means of conducting the same process rather than doing so manually. Should we...

Many entities become demotivated when it comes to B-BBEE because they do not have any black ownership or the required black ownership percentage. However, most entities have become creative with ways to achieve ownership points in their entities, but beware that most of these “creative” ideas are indeed fronting, as per the definition in the B-BBEE Act. The business owners, unfortunately, are not aware of the legal consequences of their creativity. What is Fronting? The B-BBEE Act defines...