Broad-Based Black Economic Empowerment (B-BBEE)

Update on the Status of the Chartered Accountancy (CA) Sector Charter

Johannesburg/ 11 December 2015

The amended CA Sector Charter was finalised and signed off by all stakeholder representatives on the Council except for one of the representative groups. The result is that the amended CA Sector Charter was not gazetted by the DTI′s deadline of 30 October 2015.

The CA Charter Council met on 24 November 2015 to consider the options on the way forward for the CA Charter. The key decision made was that the Council will continue to engage in a process of negotiating and concluding a CA Charter that is aligned to new legislation (Amended B-BBEE Act and Revised Codes of Good Practice). It is accepted that the process will require that various aspects of the CA Charter be re-opened for debate and negotiation by all parties.

In the meantime, entities within the CA Sector should apply the following provisions in terms of measurement of their B-BBBEE status levels:

BBEE verifications in respect of a financial year ending on or before 31 October 2015 will still be conducted under the extant CA Sector Charter.
B-BBEE verifications in respect of a financial year ending on or after 1 November 2015 will be conducted in accordance with the Generic Scorecard under the Amended Codes of Good Practice, and not in terms of the extant CA Sector Charter.

SAICA will be driving the process of negotiation and will be requesting nominations for constituency representatives on the CA Charter Council in 2016.

All queries and correspondence may be sent to [email protected] at SAICA.

Bernard Peter Agulhas
Chief Executive Officer