Dodd Frank Section 1502 requires assessment and reporting on Conflict Minerals: tin, tantalum, tungsten and gold. (3TG). Section 1502 is intended to raise the social consciousness of companies purchasing minerals from the Democratic Republic of the Congo (DRC).
For years, human rights abuses have been occurring in the DRC mines and the goal is to create transparency in such a manner that companies will want to be seen as good corporate citizens. Manufacturers utilizing 3TG metals in any aspect of production will need to clearly understand the origins of the metals being used. This includes 3TG metals used by any downstream suppliers.
Advisory teams provide an independent audit or assist companies with due diligence processes to verify the origin of 3TG metals. If no process exists, experts can design and facilitate a process that helps identify the origin of any 3TG metals used. Teams identify where conflict minerals are coming from, perform the country of origin search, and prepare the necessary disclosure, giving manufactures and suppliers confidence they are compliant.
Brian Walczak, CPAAs an audit partner with more than 17 years of accounting experience, Brian has experience in assisting companies in the manufacturing, distribution, and service industries, including entities that are privately held, private equity, and ESOP/employee owned. He is a firmwide leader of Wipfli’s employee benefit plan audit services practice and Wipfli’s global investment performance standards verifications and consulting practice.