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CGSO: 2022-23 Annual Report
- 08 September 2023
- Accounting
- South African Accounting Academy
The report sets out Trends and Highlights of the Financial Year ending 28 February 2023.
The CGSO is required to produce and publish an annual report within six months of the close of its financial year, which runs from 1 March to the end of February. The annual report is to be distributed to stakeholders, the National Consumer Commission (NCC) and made available to the public.
The Code requires the annual report to contain the following information:
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Complaint type
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Business complained about
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The type and frequency of the complaint
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How the complaint was resolved
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The time taken to deal with complaints
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Type of sanction(s) imposed
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Financial statements and audit reports
The report also includes an overview of participant numbers and information about their stakeholder engagement activities, given that training and outreach form an essential component of their mandate to raise consumer awareness in all sectors of society, specifically among the poor and marginalised.
Click here to download the Report:
http://www.cgso.org.za/cgso/download/cgso-launch-of-2022-23-annual-report-media-release/#
Relevance to Auditors, Independent Reviewers & Accountants:
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The Consumer Protection Act is yet another piece of legislation that your clients 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.
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As an auditor, independent reviewer and accountant, you need to be aware of the latest publications and media releases by regulators, e.g. the CGSO.
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As a consumer, you also need to be aware of the latest publications by the CGSO.
Relevance to Your Clients:
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Suppliers and consumers have a duty to comply with the Consumer Protection Act, otherwise, they could be held liable.
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As a consumer, your clients also need to be aware of the latest publications by the CGSO.