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

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Chartered Accountancy Charter

Appendices

Appendix 1: Interpretations (continued 6)

 

'Ownership Fulfilment'*

has the same meaning as referred to in the ownership Scorecard in statement 100.

 

'Participant'*

means a natural person holding rights of ownership in a Measured Entity.

 

'Partners/partnership'

means, in addition to partners of a duly constituted partnership, also the following:

(a) Sole practitioners, incorporated practices and, for the purpose of this document, affiliated entities.
(b) Sole practitioners, directors of incorporated entities and directors and individuals who are shareholders of affiliated entities.
(c) Persons in the employ of a partnership who, but for regulatory constraints, would have been partners and who are accorded the same equity interest and status as partners and enjoy rights and benefits commensurate with and equivalent to partners.

 

'Population demographics'

mean, for the purpose of this document, the South African demographics in terms of race, gender and disability.

 

'Priority Skills'*

mean Core, Critical and Scarce Skills as well as any skills specifically identified-

(a) in a Sector Skills Plan issued by the Department of labour of the Republic of South Africa; and
(b) by the Joint Initiative for Priority Skills Acquisition (JIPSA) established as part of the Accelerated and Shared Growth Initiative- South Africa (ASGISA).

 

'Public accountant'

means any person who is engaged in public practice.

 

'Public Benefit Organisation'*

means an Entity as defined in section 30 of the Income Tax Act of 1962.

 

'Public practice'

means the practice of a Registered Auditor who places professional services at the disposal of the public for reward, and 'practice' has a similar meaning.

 

'QSE'*

means a Qualifying Small Entity that qualifies for measurement under the Qualifying Small Enterprise Scorecard, with a turnover of between R5 and R35 million.

'Qualifying Enterprise Development Contributions' is a collective term describing Category A and B Enterprise Development Contributions and in particular Enterprise Development Contributions targeting black-owned EMEs and QSEs, and black youth in rural and underdeveloped areas in statement 600.

 

'Realisation Points'*

mean the Ownership Fulfilment point added to the Net Value points in the ownership Scorecard.

 

'Registered Auditor'

means an individual or firm registered as an auditor with the Independent Regulatory Board for Auditors.

 

'Related enterprise'

means an Entity controlled by a Measured Entity whether directly or indirectly controlled by the natural persons who have direct or indirect control over that Measured Entity or the immediate family of those natural persons.

 

'Rights of Ownership'

is a collective term for the right to Economic Interest and the right to Exercisable Voting Rights.

 

'Scarce Skills'

are those skills identified as being scarce by any SETA.

 

'Section 21 company'*

means an association not for gain incorporated under section 21 of the Companies Act.