If a Close Corporation does not need to be audited, do we need to submit a CoR30.2?

Submission requirements depend on your Public Interest (PI) score and company regulations. SAAA's technical resource centre provides comprehensive documentation on independent reviews and CoR30.2 filing frameworks.

Is there a contradiction between the timeframe of submission of voluntary audited annual financial statements for a close corporation?

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Advance Bookings: Consumer Protection Act info and tips

16 June 2022
South African Accounting Academy

Some interesting facts that both suppliers and consumers must be aware of in respect of Section 18 of the CPA:

Suppliers are required to provide consumers with reasonable opportunity to examine goods purchased or delivered.
Suppliers have the right to charge consumers for loss or damage of goods displayed if this resulted from gross negligence, recklessness or deliberate actions.
Consumers are entitled to reject goods if they do not correspond with pre-approved samples.

Click here to access the tips as part of the CGSO’s Did you know? series:

https://www.linkedin.com/company/consumer-goods-services-ombudsman/posts/?feedView=all

Relevance to Auditors, Independent Reviewers & Accountants:

The Consumer Protection Act is yet another piece of legislation that your clients (as suppliers of goods and services) must comply with, and which you must assess compliance with. If they don’t comply with the relevant laws and regulations, you have certain reporting obligations in terms of NOCLAR (NOn-Compliance with Laws And Regulations) – this could include reporting to management, qualifying your audit opinion, reporting a Reportable Irregularity, etc.
As a consumer, you also need be aware of your rights and responsibilities in terms of the Consumer Protection Act – especially in respect of the Right to choose or examine goods.

Relevance to Your clients:

A supplier of relevant goods and services has a duty to comply with the Consumer Protection Act, otherwise they could be held liable.
As an individual, a consumer has a duty to be aware of his/her rights and responsibilities in terms of the Consumer Protection Act – especially in respect of the Right to choose or examine goods.

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https://accountingacademy.co.za/profession/monthly-legislation-update

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