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The value of the manufacturing sector is leveraged by its essential position in the economy, which sees it assisting with building infrastructural and technical capacity, encouraging innovation, earning export revenue, and most critical in South Africa, providing decent employment. Indeed, the contribution manufacturing makes (and could potentially make) is significant. This is because manufacturing possesses important economic growth and employment capabilities, which means that manufacturing is generally considered to be the best engine in the economy for achieving sustained economic development, employment, and social upliftment.
The Manufacturing Indaba, less than two weeks away, to be held at Emperors Palace, Ekurhuleni on the 27th and 28th June 2017, attracts key industry leaders, policy makers, academia and potential leaders and brings them together, providing a platform to explore strategies that are tantamount to building South Africa’s manufacturing future for 2017
Despite the pressures facing the manufacturing sector in South Africa, growing manufacturing remains our best opportunity for generating job-rich economic growth through a competitive manufacturing environment, which will assist in attaining a supportive international trade position, advancing the reputation of South African manufactured products. Thus, avoiding the process of de-industrialisation.
A key focus area at the 4th annual Manufacturing Indaba will be exploring business growth, where planned keynote addresses and panel discussions will focus on the future of manufacturing in South Africa, mainly centered around manufacturing growth including understanding how successful manufacturers are continuing their growth path despite the tough economic circumstances and how other companies can learn from their successes.
The Manufacturing Indaba, has also identified small business as a key focus area for the 2017 event. In it’s second year, the Small Business Indaba will take place on 26th June 2017. The one-day conference is specifically focused on the growth opportunities for entrepreneurs within manufacturing who run small business operations.
The building of the Manufacturing sector is a vital necessity for South Africa and the Indaba encompasses every important aspect of the Industry in one central point for two days only. The insights gained are invaluable and the purpose being to truly uplift the sector and the South African economy as a whole.
IRBA issued a communique on the 2nd August 2016 informing approved B-BBEE registered auditors of the IRBA Boards decision to withdraw from the regulation of the B-BBEE verification industry on the 30th September 2016.
Assurance engagements entered into with IRBA Accredited Auditors prior to the 30th September 2016 will be allowed a transitional period of 3 months until 31st December 2016 to complete these engagements and the relevant B-BBEE Certificate to be issued.
Practical considerations and recommendation
For measured entities falling within the ambit of the “old“ DTI Code of Good Practice which was gazetted February 2007, and have a measurement period ending before the 1st May 2015, the old codes may still be used for verification for a period of 18 months. The B-BBEE Certificate must be issued by 30th October 2016.
The 18 months above refers to the practice of both IRBA and SANAS regarding using financial statements / management accounts for measurement periods not older than 18 months.
For measured entities falling within the Sector codes (with the exception of Tourism and MAC Sector Codes) until replaced, can still be verified in terms of the relevant sector code by an IRBA Accredited Auditor as long as the B-BBEE Certificate is issued by the 31st December 2016.
Assuring smooth transition
Despite this radical news regarding IRBA’s withdrawal, the BEE Easy team is working with the current IRBA auditors that wish to be SANAS approved. We have also secured various SANAS verification agents as service providers that subscribe to our values of service delivery. Process alignment and transition is a top priority for the BEE Easy team and will be seamless either way.
To remain relevant in a changing space means relooking and revitalise your business. The Amended DTI Code of Good Practice introduced changes requiring measured entities to revisit their business and growth strategies and select strategic partners to ensure the desired B-BBEE outcomes. Our business development team is ready to understand your need and to make this happen for you.
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