The Minister of Trade and Industry Dr Rob Davies invites members of the public to make inputs and comments on the Draft Statement 005 of 2017 within 60 days from the date of publication (21 July 2017).

Minister Davies gazetted the Draft Statement 005 of 2017 in terms of section 9 (5) of the Broad-Based Black Economic Empowerment Amendment Act 53 of 2003 as amended by Act 46 of 2013.

The Minister says the Draft Statement 005 seeks to regulate the B-BBEE Verification Industry and to ensure that consistent application across all spheres of B-BBEE Legislation takes place.

“Empowerment Standards have been introduced for B-BBEE Rating Agencies to ensure that Transformation take place within the B-BBEE Verification Industry”, says Minister Davies.

Minister Davies indicates that the terms Approved Regulatory Body and Approved Registered Auditor” are been incorporated.

“The Statement incorporates the removal of the term “Approved Regulatory Body” which was defined as the Independent Regulatory Board of Auditors (IRBA) established by section 3 of the Auditing Profession Act (Act No. 26 of 2005) as well as the removal of the term “Approved Registered Auditor” which was defined as a Registered Auditor approved by the “Approved Regulatory Body” to provide B-BBEE verification services to measured entities, in terms of the approval granted by the Minister of Trade and Industry”, states Minister Davies.

According to Minister Davies, the Statement introduces significant concepts of Standards of Ethical Conduct as well as key concepts of Standards of Education Requirements and Accreditation of Rating Agencies.

Advocacy sessions upon Draft Statement 005 of 2017 will be conducted during the 60 Day Public Commentary period.
Click the link to access the Draft Statement 005 of 2017

http://www.thedti.gov.za/gazzettes/40997.pdf

 

Issued by the Department of Trade and Industry