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

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Chartered Accountancy Charter


Appendix 1: Interpretations


This section provides a glossary of all relevant and known B-BBEE terms and definitions applicable to this Sector Code. Definitions marked by an asterisk (*), are definitions that have been extracted from the Codes of Good Practice. Where these have been added to for the sake of clarity, the additions have been italicised.


With regard to the definitions extracted from the Codes of Good practice, the following provisions of the code will also apply to these definitions:


When interpreting the provisions of the Code, any reasonable interpretation consistent with the objectives of the Act and the B-BBEE Strategy must take precedence.


Words importing persons shall, where the context so requires or admits, include individuals, firms, partnerships, trusts, corporations, governmental bodies, authorities, agencies, unincorporated bodies of persons or associations and any organisation having legal capacity.


The schedules and annexes to the Codes are an integral part of the Codes and a reference to the Codes includes a reference to the schedules.



means Adult Based Education and Training as determined by the National Qualifications Authority.


'Accountancy profession'

means, for the purpose of this document, the professional accountancy bodies and their members recorded in figure 1 (and its footnote), but not limited to those. In addition it includes organisations predominantly owned by members of these professional bodies offering accounting, audit, tax, consulting and advisory, internal auditing and other related services.


'Accreditation Body'*

means the South African National Accreditation System or any other Entity appointed by the Minister from time to time for the purpose of-

(a)        accrediting of Verification Agencies; and

(b)        developing, maintaining and enforcing the Verification Standards.


'Affiliated entities'

mean those incorporated entities, trusts, partnerships and other business forms in the CA sector in which a participant, partner and/or partnership controls in excess of 25% of the voting power and which provide accountancy and related professional services to their clients, which collectively constitute a Measured Entity.


'Approved Socio-economic Development Contributions'*

mean monetary or non-monetary contributions carried out for the benefit of any projects approved for this purpose by any organ of state or sectors including without limitation—

(a) projects focusing on environmental conservation, awareness, education and waste management; and
(b) projects targeting infrastructural development, enterprise creation or reconstruction in underdeveloped areas, rural communities or geographic areas identified in the government's integrated sustainable rural development or urban renewal programmes.


'Associated Enterprise'*

means an Entity with which a Seller has concluded a Qualifying Transaction.



means Broad-Based Black Economic Empowerment.