Audit and business advisory firm Grant Thornton has launched a nationwide broad-based black economic-empowerment (BBBEE) verification services offering division.
The new business offering will assist busi-nesses in navigating current and future BBBEE legislation, including the proposed changes to the codes of good practice, which are becoming increasingly complex for businesses.
IQuad Verification Services former MD and current Grant Thornton Verification Ser-vices MD Wade van Rooyen tells Engineering News that BBBEE is a demanding field, which is rapidly growing and, with the legislation changing, companies will certainly realise that BEE affects all of them.
This is part of the firm’s continuing drive to unlock growth opportunities for dynamic organisations. The new business division was born out of Grant Thornton’s acquisition of a majority stake in IQuad Verification Services, formerly a subsidiary of JSE-listed diversified financial services company the IQuad group.
“Our decision to acquire this business emphasises the similar values, ethics and processes that our two businesses share. Inte- gration provides our clients with an oppor-tunity to further capitalise on new business prospects,” says Grant Thornton South Africa chairperson Deepak Nagar.
“We are excited to join the Grant Thornton fold at a time when dealing with BBBEE com- pliance is an imperative for all success- ful businesses,” says Van Rooyen.
Companies that do not take the time to address BBBEE compliance will find themselves unable to compete effectively. Poor BBBEE scores are increasingly posing structural constraints to the growth of individual businesses.”
Grant Thornton South Africa has a staff complement of 820, with revenues in excess of R412-million. This further cements the firm’s position as the fifth-largest auditing firm in South Africa by fee income.
Last year, Grant Thornton Capital, an inde- pendent financial advisory businesses for over 20 years, announced the total acquisition of First Light Administration Services, a retire-ment fund administrator providing services to listed and privately owned employers.