STANDARDS c o n t .
scheme.
Comments were due to be submitted to the IRBA by 10
February 2015.
The exposure draft may be downloaded from the IRBA
JSE Section 13, Property Entities IRBAGuide
The CFAS has approved a project for the development of an
IRBA Guide to be used by reporting accountants when
required to report in terms of Section 13,
Property Entities
of
the JSE Listings Requirements. It is anticipated that the Guide
will be issued on exposure in June 2015 with the final Guide
issued in September 2015.
The Auditor-General South Africa (AGSA) is in the process of
developing a new audit methodology. The PSSC is providing a
platform for consultation with registered auditors on critical
methodology issues related to the planned changes.
Illustrative engagement letter and assurance report – GRI
G4
The CFAS approved a project for a task group of the SSC to
develop illustrative report(s), engagement letter(s) and any
necessary guidance to be used by registered auditors when
required to issue an ISAE 3000 (Revised) sustainability
assurance report on a Sustainability Report prepared in terms
of GRI G4. It is anticipated that the illustrative engagement
letter(s), assurance reports(s) and related guidance will be
issued on exposure in September 2015 with the final
pronouncements issued in December 2015.
Proclamation of Broad-Based Black Economic
EmpowermentAmendmentAct, 2013 (theAct)
The Broad-Based Black Economic Empowerment (B-BBEE)
Amendment Act 2013 (the Act) was proclaimed into law in
Government Gazette 38126 of 24 October 2014. The Act has
significant implications for practitioners.
CFAS Public Sector StandingCommittee (PSSC)
CFAS Sustainability StandingCommittee (SSC)
CFASB-BBEEAdvisory Committee (BAC)
One of the consequences of the Act is that all actions that are
not aligned to the letter of the Codes of Good Practice and the
Sector Codes are considered a punishable offence. The
offences and penalties as defined in terms of Section 13O of
theAct, and will result in a fine or a term of imprisonment in the
event of an offence.
Clarification on B-BBEE Verification Engagements
performed in terms of the 2013 Codes of Good Practice
The attention of B-BBEE Approved Registered Auditors
(BARs) is drawn to the IRBAcommuniqué dated 13 December
2013 in which BARs were advised to refrain from issuing B-
BBEE certificates based on the gazetted amended 2013
Codes of Good Practice (CoGP) during the transitional period,
which ends on 30April 2015.
The Department of Trade and Industry (DTI) was requested to
give clarity on the status of the previous Statement 005, which
gave BARs the authority to issue B-BBEE certificates.
Statement 005 was omitted from the newly gazetted amended
2013 CoGP, and has not yet been reintroduced.
In this regard, BARs are informed of the following:
?
It has been confirmed with the DTI that the status of previous
Statement 005 in relation to the authority of BARs to issue B-
BBEE certificates in terms of the amended 2013 CoGP is
still valid and applicable.
?
The application of the 2013 CoGP will come into effect on 1
May 2015.
?
As a result, the advice contained in our 13 December 2013
communiqué should still be taken into consideration when
approached by clients wanting to have their B-BBEE
credentials measured in terms of the amended 2013 CoGP.
?
Despite the status of Statement 005, the DTI has committed
to appointing a single regulator for all B-BBEE verification
professionals. An announcement will be made as soon as
this comes into effect.
Early adoption ofAmended 2013 Codes of Good Practice
In terms of the amended 2013 CoGP Code 000, Statement
000, paragraph 10, for the first year after the gazetting of this
statement, an entity may elect to use the amended 2013 CoGP
or the 2007 CoGP. This period was extended to 30April 2015.
As from the 1 May 2015, the amended 2013 CoGP will come
into effect.
The early adoption may only be applied to Generic Enterprises
7
Issue 28 October 2014 - March 2015
