In support of the Association of Certified Fraud Examiners’ International Fraud Awareness Week from 3 – 9 November 2013, Deloitte has prepared various articles relating to fraud. This is the second article, written by Bruce Thornton (Associate Director, Forensic), and discusses compliance with BBBEE legislation.
Last year we wrote an article about complying with the Broad Based Black Economic Empowerment Act (BBBEE Act) and the challenges facing South African Companies in complying with this Act. The title of last year’s article was “Fronting – a new challenge for South African companies”.
This year’s article deals with the proposed amendments to the above Act and the possible unintended consequences in complying with the Act. In line with last year’s theme, this article is titled “Compliance with new BBBEE legislation – an ever increasing challenge for South African companies”.
For the purposes of this article, we have used the very basic definition of fronting provided by the Minister of the Department of Trade and Industry (DTI), Rob Davies, during a speech on 4 October 2013, as being “where you present yourself as a black owned company, but you’re not really”.
Download the article . . . . Complying with BBBEE legislation is a challenge for South African companies
If you have any questions or require a more detailed discussion, contact Bruce Thornton (Associate Director, Risk Advisory, Forensic at Deloitte & Touche) at firstname.lastname@example.org