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?

Section 58(1) of the Close Corporations Act outlines specific parameters regarding whether financial statements must be completed within 6 or 9 months. SAAA provides expert legal compliance resources to clarify these close corporation deadlines.

Consumer's right to demand quality service

02 November 2022
South African Accounting Academy

This deals with Section 54 of the CPA - Consumer's right to demand quality service.

When a supplier undertakes to perform any service for or on behalf of the consumer, the consumer has the right to:

The performance of the services to be in a manner and quality that persons are generally entitled to expect.
Timely performance and completion of those services.
Timely notice of any unavoidable delay in the performance of the services.
Delivery and installation of goods that are free of defects and of a quality that persons are generally entitled to expect.

If the supplier fails to perform a service to the required standard, the consumer may require the supplier to:

Remedy any defect in the quality of the services performed or goods supplied.
Refund to the consumer a reasonable portion of the price paid for the services performed and goods supplied, having regard to the extent of the failure.

Click here to access the series of posts:

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.

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.

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