THE NEED FOR SNAPSHOT PRIOR TO VERIFICATION

Do you ever wonder after a year of planning your B-BBEE status, if you would achieve your desired B-BBEE Level?


A lot of companies employ or appoint a B-BBEE Manager/Controller within the company’s job profile to monitor all activities and implement the necessary targets before the financial period has been finalized.


The B-BBEE Codes has set rules of implementation, however sometimes unpredictable changes to the Codes are unforeseeable and every person has their own understanding of B-BBEE rules and regulations.


The question is then, how will you know what level the Measured Entity will achieve, when the verification takes place?


The best recommended solution would be a Pre-Audit Snapshot to ensure the Measured Entity is still aligned and achieves all target spends and qualifications.


What is a Snapshot?


A Snapshot is a 19-page detailed calculation with a preliminary scorecard, that indicates the current position of the Measured Entity, with all implemented B-BBEE strategies that have been put in place at the given time. This result intern indicates to the Measured Entity what their B-BBEE level will be if they are verified on this day.


To ensure that the Measured Entity will achieve their desired B-BBEE level, a Snapshot comes highly recommended to all B-BBEE entities that are uncertain of the B-BBEE status they would achieve if they went for B-BBEE verification on this day or even if they want to ensure that their B-BBEE planning is still aligned and meets the strategic deadlines and targets.


If you would like more information on a Snapshot or require assistance with your Company’s Strategic Planning regarding your B-BBEE Certificate, please contact us.


Article by Francois Le Sueur – Executive Consultant, Compliance Hub

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