Update on the status of Chartered Accountancy Sector Charter
The amended CA Sector Charter was finalised and signed off by all stakeholder representatives on the Council except for one of the representative groups. The result is that the amended CA Sector Charter was not gazetted by the dti’s deadline of 30 October 2015.
The CA Charter Council met on 24 November 2015 to consider the options on the way forward for the CA Charter. The key decision made was that the Council will continue to engage in a process of negotiating and concluding a CA Charter that is aligned to new legislation (Amended B-BBEE Act and Revised Codes of Good Practice). It is accepted that the process will require various aspects of the CA Charter to be re-opened for debate and negotiation by all parties.
In the meantime, entities within the CA Sector should apply the following provisions in terms of measurement of their B-BBBEE status levels:
- B-BBEE verifications in respect of a financial year ending on or before 31 October 2015 will still be conducted under the extant CA Sector Charter
- B-BBEE verifications in respect of a financial year ending on or after 1 November 2015 will be conducted in accordance with the Generic Scorecard under the Amended Codes of Good Practice, and not in terms of the extant CA Sector Charter
SAICA will be driving the process of negotiation and will be requesting nominations for constituency representatives on the CA Charter Council in 2016.
Kindly email all your queries and correspondence to Teboho Moephudi.
Chairperson: CA Charter Council
This article was first published in ASA, please visit www.saicablog.co.za for similar articles.