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Broad-Based Black Economic Empowerment Act, 2003 (Act No. 53 of 2003)

Industry Charters

Chartered Accountancy Charter

Section D : Challenges

Challenges Facing the CA Profession

15.5 Enterprise Development


The aims for enterprise development in the CA sector, is firstly to focus on development of black-owned firms where the desired outcome would be an increase in the number of candidates that are trained in the smaller black firms, the number and size of audits that are conducted jointly and an increase in the number of black-owned firms.


The aim is secondly to increase black-owned enterprises that provide products and services to the sector and to increase the non-monetary support to small and medium enterprises as well as aspirant entrepreneurs.


Current situation /  challenges

Recommended activities

Black-owned firms


Hampered by a lack of funding as well as time pressures
Lack of skills for expansion among some black-owned businesses
Smaller black firms experience significant challenges in attracting and retaining talent (both black and white) on the trainee and qualified professional levels, primarily due to perceived inadequate client base and resources for training
Insufficient medium size black firms, exacerbated by a lack of opportunities for smaller firms that would allow them to grow bigger
Rewards do not always pass proportionately to input where alliances are formed
To form a comprehensive, coordinated strategy for wealth creation and skills upgrading of black enterprises by the CA sector
To involve larger firms in the assistance with training needs of smaller firms so as to increase the level of skills in the profession and support smaller firms to train even greater numbers of CAs.
To develop a proportionate plan to businesses to facilitate and encourage the appointment of joint auditors

Black-owned enterprises that provide product and services to the sector

Inadequate financial skills to effectively manage businesses
Lack of skills, money or knowledge to start a small business
To provide support (training, development and implementing financial systems) to existing black-owned SMMEs that provide products and services to the sector, so as to enhance their operational efficiencies and financial stability
To provide support (training, developing and implementing financial systems) to black entrepreneurs seeking to establish businesses that provide products and services to the sector