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CGSO Urges Companies to Become Compliant or face Higher Penalties
- 19 February 2024
- Legal and Compliance
- South African Accounting Academy
This increase in the late joiner’s fee was imposed by the Board in March 2022. The fee is based on a percentage of the Annual Participation Fee, which in turn is based on turnover (see table below). This is the first time the joining fee has been increased since it was implemented in 2022, taking it from 25 percent to 30 percent of the annual participation fee.
The Consumer Goods and Services Industry Code of Conduct is binding on all qualifying participants. It covers all service providers and retailers not already governed by other Ombud schemes, such as banking, insurance, credit agreements, cellphone billing and mobile networks, vehicle sales and repairs, and tourism.
To find out if your organisation needs to participate in the scheme in terms of the industry Code of Conduct, please contact [email protected] or visit their website, www.cgso.org.za.
Click here to download the 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 must comply with the Consumer Protection Act, otherwise, they could be liable – especially now with the newly increased late joiner’s fee.
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As a consumer, your clients also need to be aware of the latest publications by the CGSO.