The Deputy Minister of Trade and Industry, Mr Mzwandile Masina will officially launch the system for issuing of the Broad-Based Black Economic Empowerment (B-BBEE) certification for Exempted Micro Enterprises at the Self Service Terminals of the Companies and Intellectual Property Commission (CIPC). This will enable CIPC customers who are registering private companies through the terminals to also register for B-BBEE certificate at the end of the company registration transaction or when they file their CIPC annual returns.
The launch will take place at the dti Campus in Sunnyside, Pretoria on Tuesday, 14 April 2015 from 10:00. Deputy Minister Masina will be joined by the CIPC Commissioner, Astrid Ludin. Media is invited to attend the event.
“the dti is the custodian of the Broad-Based Black Economic Empowerment policy, which is about empowerment and growing the economy. As part of ensuring that transformation is credible, the dti is embarking on a process to reclaim the verification space which has been dominated by unscrupulous third party agents who sell fraudulent certificates, thus defeating the objectives of government’s transformation agenda and further distorting the impact of transformation,” says Deputy Minister Masina.
He adds that the purpose of the Self Service Terminals system for issuing B-BBEE certificates for Exempted Micro Enterprises is to achieve the following:
• To reduce the cost of doing business, that is reduce the “red tape”
• To eliminate unscrupulous intermediaries in the issuance of B-BBEE Certifications
• To mitigate possible misrepresentation of B-BBEE Credentials
The self-service terminals are part of continuous efforts by government to give effect to the notion of ease of doing business and a steady move towards a one stop shop that enables integrated services and to create platforms for small businesses to contribute to economic growth by making it easier for them to register and acquire certificates and therefore comply with legislation.
A walk-about and demonstration will also take place at the self service centre in Sunnypark Shopping Centre, Sunnyside.
For media RSVPs, please contact Malentswe Tshabalala on 012 394 1870/079 691 8529 or MTshabalala@thedti.gov.za
Enquiries:
Sidwell Medupe-Departmental Spokesperson
Tel: (012) 394 1650
Mobile: 079 492 1774
E-mail: MSMedupe@thedti.gov.za
Follow us on Twitter: @the_dti
Or
Karin Coode
Senior Manager: Strategic Communication
Office of the Commissioner
Tel: (012) 394-1541
E-mail: KCoode@cipc.co.za
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An article on March 16 in Business Report under the headline “New law set to change the face of auditing” contained inaccuracies
FOR THE RECORD
Business Report 20 March 2015
An article published on March 16 in the Business Report under the headline “New law set to change the face of auditing” contained inaccuracies.
The article confused the Chartered Accountant (CA) designation with that of a Registered Auditor (RA).
The Auditing Profession Act of 2005 was amended to place the Registered Candidate Auditor (RCA) under the jurisdiction of the Independent Regulatory Board for Auditors (IRBA).
The amended bill paves the way for the implementation of the Audit Development Programme which is a specialisation period for qualified CAs to register as RAs.
CAs will still write two board examinations and the examination for CAs will not be scrapped.
Business Report regrets the error.
Download this document in (Doc | PDF) format.
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Confusion created by Business Report article
Johannesburg / 31 March 2015
Dear Registered Auditor
In an article featured on the front page of The Business Report on 16 March 2015, journalist Siyabonga Mkhwanazi’s headline claimed, “New law set to change the face of auditing”.
The article was factually incorrect and confused the Chartered Accountant (CA) designation with that of a Registered Auditor (RA). The article also confused the Auditing Profession Act (APA) amendments with the Audit Development Programme (ADP).
The IRBA issued a media statement to clarify the confusion that was created in the market.
To read the media statement please click here
.
The IRBA engaged the editors of Business report and a correction was published on Friday 20 March 2015.
To read the correction click here.
The relevant facts are as follows:
This is not a “new law” but an amendment to the current Auditing Profession Act, 2005 (Act 26 of 2005).
The Act was changed to include Registered Candidate Auditor (RCA). The amendment bill paves the way for the implementation of the Audit Development Programme which is a specialisation period for qualified CAs to register as RAs. The current Act does not allow for the regulation of RCAs and this amendment is necessary to ensure that all RCAs are under the jurisdiction of the IRBA whilst doing their specialist training.
CAs will still write two board examinations. The examinations for CAs will not be scrapped. The CA examinations are the responsibility of the professional body; the South African Institute of Chartered Accountants (SAICA) which is accredited by the IRBA.
Download this communiqué in (Doc | PDF) format.
Bernard Peter Agulhas
Chief Executive Officer
About the IRBA
The objective of the IRBA is to endeavour to protect the financial interests of the South African public and international investors in South Africa through the effective and appropriate regulation of audits conducted by registered auditors, in accordance with internationally recognised standards and processes.
17 March 2015
IRBA welcomes outcome of voting on the Auditing Profession Amendment Bill
17 March 2015.
The Independent Regulatory Board for Auditors welcomed the amendments to the Auditing Profession Amendment Bill voted on in parliament on Thursday, 12 March 2015.
The amendment bill paves the way for the implementation of the Audit Development Programme (ADP) which is a specialisation period for Chartered Accountants to register as Registered Auditors (RAs). The Auditing Profession Act currently does not allow for the regulation of candidate auditors and this amendment is necessary to ensure that all registered candidate auditors are under the jurisdiction of the IRBA.
In the past, all candidates who wanted to become Chartered Accountants (CAs) could choose one of two routes; the audit route or the financial management route. Candidates who chose the audit route and successfully wrote the IRBA’s Public Practice Examination (PPE) could become Chartered Accountants (CAs) and RAs. However, due to the change to the South African Institute of Chartered Accountants’ (SAICA) education and training model, CAs will no longer qualify through specialist routes. All CAs will follow a similar qualification path and write only one final assessment of professional competence presented by SAICA. These assessments are done through written examinations.
“The IRBA believes that the new final assessment does not assess audit competencies to the same level as the PPE, and given that the IRBA’s mandate is to protect the public, we developed the Audit Development Programme” says Bernard Agulhas, CEO of the IRBA.
The purpose of the ADP is to consolidate and refine the capabilities that are developed during the training programme. The new programme ensures that the public is protected by ensuring that all Registered Auditors, who deliver a public service, have demonstrated the professional competence on the job and that they have operated at managerial level within an audit firm.
The Audit Development Programme does not create any additional barriers to entry to the profession, and instead of assessing competence through written examinations, the IRBA will perform assessments through a portfolio of evidence. The programme will run parallel with what happens in audit practices and provides candidates with an opportunity to gain exposure to a broad range of issues faced in the profession before they become Registered Auditors.
“Most Registered Auditors register with the IRBA once they reach partner level which is at least four years into their career. The programme therefore emulates what happens in practice and does not create additional barriers, but rather provides opportunities to gain and demonstrate specialist competencies” says Agulhas.
“The IRBA will have a direct relationship with the auditing firms and will be better positioned to influence the firms’ transformation agendas through the ADP and the CA Charter sector code” adds Agulhas. END.
Issued by the Independent Regulatory Board for Auditors
For more information contact: Lebogang Manganye on 087 940 8788/084 510 465