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Annual Audit and Responsibilities of Coop

Cooperatives are required to undergo annual financial, performance, and social audits conducted by independent auditors accredited by the Cooperative Development Authority (CDA). The audits must be reported to the board of directors and filed with the CDA within 120 days of the fiscal year-end, along with regular reports on activities and progress. Additionally, cooperatives must maintain certain documents and ensure that directors and employees handling funds are covered by a surety bond.

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15 views2 pages

Annual Audit and Responsibilities of Coop

Cooperatives are required to undergo annual financial, performance, and social audits conducted by independent auditors accredited by the Cooperative Development Authority (CDA). The audits must be reported to the board of directors and filed with the CDA within 120 days of the fiscal year-end, along with regular reports on activities and progress. Additionally, cooperatives must maintain certain documents and ensure that directors and employees handling funds are covered by a surety bond.

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piskador padayon
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PDF, TXT or read online on Scribd
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Annual Audit representatives of the CDA for inspection during

reasonable o ice hours at its o icial address:


Cooperatives registered shall be subject to an annual a. A copy of the Cooperative Code and all other
financial, performance and social audit. laws pertaining to cooperatives
1. The financial audit shall be conducted by an external b. A copy of the regulations of the CDA
auditor who is independent of the cooperative, a c. A copy of the Articles of Cooperation and
member in good standing of PICPA and accredited by bylaws of the cooperative
the Board of Accountancy. d. A register of members
2. The social audit shall be conducted by an e. The minutes of the meetings of the general
independent social auditor accredited by the assembly, board of directors and committee
Cooperative Development Authority. f. Share books
3. Performance and social audit reports which contain g. Financial statements
the findings and recommendations of the auditor shall 3. Every cooperative shall draw up regular reports of its
be submitted to the board of directors. program of activities, including those in pursuance of
4. The auditor shall submit to the board of directors and their socio-civic undertakings, showing their progress
to the audit committee the financial audit report and achievements at the end of every fiscal year.
which shall be in accordance with the generally These reports shall be filed with the Cooperative
accepted auditing standards for cooperatives as Development Authority within one hundred twenty
jointly promulgated by PICPA and the CDA. (120) days from the end of the calendar year.
4. Any register or list of members kept by any registered
Responsibilities of a Cooperative cooperative shall be prima facie evidence of the date
on which the name of any person was entered in such
1. Every cooperative shall have an o icial postal address register of members and date on which any such
to which all notices and communications shall be person ceased to be a member.
sent. Such address and every change thereof shall be 5. Every director, o icer and employee handling funds,
registered with the Cooperative Development securities or property on behalf of any cooperative
Authority. shall be covered by a surety bond to be issued by a
2. Every cooperative shall have the following documents duly registered insurance or bonding company for the
ready and accessible to its members and faithful performance of their respective duties and
obligations. The board of directors shall determine the
adequacy of such bonds.

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