The chill in the air means we’re bringing out heaters, winter bedding and blankets, and craving warm comfort food. Car trips first thing in the morning to school are getting more challenging, and when we’re working from home, the comfy socks and stokies don’t come off.
We’ve adapted to a hybrid work-from-home and office working environment, which means we’ve got some exciting news! Here’s an update on important industry news and updates from our team.
We’ve moved!
It’s not far, don’t worry, we’re still in the same office block. In case you want to get out of your work-from-home attire and meet with people in person who aren’t your immediate family, come pop in for a coffee! We keep to all COVID-19 regulations and would love the company (just check we’re there first, too).
Our new address is Old Oak Office Park, Unit OL012, ground floor, Oak Leaf Terrace, 1 Edmar Street, Belville, 7530.
We have a dedicated Technical Helpdesk inbox now too!
For all technical queries outside of your verification, please direct your question in as much detail as possible to This email address is being protected from spambots. You need JavaScript enabled to view it..">This email address is being protected from spambots. You need JavaScript enabled to view it.. We’ll assist you as quickly as possible in any way we can.
For specific technical questions during your verification, please still direct these to your analyst, who should always be your first port of call while you have an ongoing verification.
Industry Update:
SANAS recently reconfirmed the use of the financial period of a Measured Entity as the Measurement Period for all verifications. Still, they made it clear to all B-BBEE Rating Agencies that only the latest financial period should be measured. However, they did not clarify when the “latest financial period” should apply in the verification.
Many of the sector codes (Construction, FSC, Forestry and Tourism) defined the Measurement Period within their gazetted codes as the financial period that has ended no more than 12 months before the commencement of the verification thereof.
We, therefore, advise all our clients to apply for verification as soon after your financial year-end as possible, to be concluded no more than 12 months after year-end (issue date).
From discussions with SANAS/DTIC, it is clear that they intend for the certificate to be issued within 12 months of the end of the financial year. For sectors that do not define the Measurement Period, it is no longer sufficient simply to commence the verification within 12 months of the financial year-end. The certificate must be issued before the next financial period begins to ensure only the latest period is applied to the verification.
Suppose a certificate is not issued and the subsequent financial period begins. In that case, the Measured Entity may be requested, at an additional cost, to resubmit its data on the more recent financial period.
This does not apply to entities in the Construction, FSC, Forestry or Tourism Sectors where we are required to complete verifications on a period that is no older than 18 months, provided the latest financial period was applied at the commencement of the verification.
As B-BBEE verifications typically take three months, we advise all clients to sign-up at least three months before your financial year-end and no longer three months before the expiry date of your certificate.
If the verification is anticipated to take longer (a consolidation or complex structure), we advise an allowance of six months.
Financial Services Sector – updated Recognition Level table
The FSTC confirmed that the FSC Recognition Level table should be revised in line with the Amended Codes 31 May 2019 Amendments (the total points under the Amended Codes of Good Practice have increased from 109 to 111 points). The FSTC released an amended clarification note CN000 (1) in March 2021, and the amended table can be found below.
B-BBEE Recognition Levels Matrix
As one of the top BEE verification agency in South Africa, we are committed to providing you with the utmost quality and professional service, with uncompromising ethics and a passion for transformation.
If you have any queries, please do not hesitate to contact our office at This email address is being protected from spambots. You need JavaScript enabled to view it..">This email address is being protected from spambots. You need JavaScript enabled to view it..
Sincerely,
Jeanette Buys
CEO
Tel: 021 914 9451 / Fax: 021 914 6295 / www.aQrate.co.za
