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CPA Guidelines for calculating cancellation penalty
- 24 March 2022
- Accounting
- South African Accounting Academy
Following from their series on cancellations, COVID and the CPA, the CGSO unpacks Section 17 of the CPA and how it relates to cancellations as a result of COVID-19 restrictions.
Section 17 of the CPA gives consumers the right to cancel an advance booking, reservation or order for any goods and services for any reason whatsoever. However, the supplier may be entitled to charge a reasonable cancellation penalty.
Contracts, COVID, Cancellations and the CPA (Part 1) – was issued as an alert by SAAA on 3 Feb 2022.
Click here to access the Guideline:
Relevance to Auditors, Independent Reviewers & Accountants:
- 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.
- As a consumer, you also need to comply with the CPA and be aware of important information in this regard.
Relevance to Your clients:
- As a consumer, your client also need to comply with the CPA and be aware of important information in this regard.
To stay current with all the latest changes and updates subscribe to our Monthly Compliance and Legislative Update series for R 250.00 per month. This gives you access to a monthly 2-hour webinar and monthly newsletter:
https://accountingacademy.co.za/profession/monthly-legislation-update
Get all your CPD online. SA Accounting Academy (SAAA) offers Subscription Plans, Live Webinars, Webinars On-Demand, Access to Experts, Courses, Articles and more:
https://cpd.accountingacademy.co.za.
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