BBBEE Assurance services deal with limited assurance engagements to report on a measured entity’s B-BBEE Scorecard as reflected in a B-BBEE Verification Certificate.
It is important to know that there are many stages to the BEE process, for your business to benefit from this you need to know every corner of the BEE process. You can achieve this by taking the time to attend BEE training & workshops at inspiredex or consult BEE verification agency like Inspiredex to help you.
This article will specifically take you through the process of BBBEE Assurance services offered by Inspiredex and how they can change for business for good benefits.
The BBBEE Assurance services were implemented on 23 September 2011 by the Department of Trade and Industry (the DTI) to provide B-BBEE assurance services and to issue valid B-BBEE Status Level Certificates, referred to as B-BBEE Verification Certificates, to measured entities. This South African Standard on Assurance Engagements (SASAE), further determines in accordance with the applicable B-BBEE Codes of Good Practice and relevant Sector Codes
Basically, BBBEE Assurance services engagements require the application of assurance procedures to evaluate the information underlying the individual B-BBEE Scorecard elements that may consist of historical financial information and information, other than historical financial information, prepared in accordance with an acceptable financial reporting framework.
What BBBEE Assurance services do?
• We provide limited assurance engagement with respect to a B-BBEE Verification Certificate involves performing procedures regarding the Scorecard
• B-BBEE Status of the measured entity based on the criteria and requirements contained in the Codes of Good Practice.
• The procedures performed depend on the assurance provider’s judgment.
It is important to know that when performing other assurance work for an audit or review client does not result in threats to independence. When performing an audit or review of financial statements, the audit or review engagement team must be independent of the client.
what are the benefits of BBBEE Assurance services?
• They take a closer look at a business through the eyes of a skilled business professional.
• Assurance services make the process of BEE smooth and fast.
• ensures users are more confident that the information presented to them is reliable
• gives more credibility to BEE processes
• facilitates the running and management of the business
• advice and recommendations will be given during the process
• improves business processes
• aids the process of obtaining finance
• assists management in understanding and reducing business risks
• better controls can increase profit
• gives more confidence in internal controls
• More valid conclusions can be drawn from the accounts