IRBA WITHDRAWS FROM THE REGULATION OF B-BBEE VERIFICATION INDUSTRY

IrbaThe IRBA (Independent Regulatory Board for Auditors) issued a communique on 4 March 2016 of their decision to withdraw from the regulation of the B-BBEE verification industry on 30 September 2016.

Engagements have taken place between the Department of Trade and Industry and other stakeholders to finalize  the process of withdrawal and the define the new regulatory structure for the B-BBEE industry.

The DTI issued a communique since which in effect means that all clients engaged on and up to 30 September 2016 can still have their certificates  signed off by IRBA Auditors as long as the process is completed before the transitional period of 3 months that ends on 31 December 2016.

In the meantime  the IRBA registered auditors are encouraged to commence their registration and accreditation with SANAS. We will keep you updated and informed on the way forward and how we are planning to deal with these changes. Is is important to realize that if you still want to be verified under the process you are currently use to and comfortable with your next engagement has to happen before 30 September 2016 and the verification must be completed an issued by 31 December 2016.

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