Category B co-operative must appoint an independent reviewer and category C co-operative must appoint an auditor  and complete form CO-OP4

An audit is a financial evaluation that is done by a qualified and registered accountant to check that the financial affairs of the Co-operative are being correctly and honestly managed. The person or company that carries out the audit is called an auditor.

The duties of an auditor include the following:

  • Make sure that the Co-operative keeps accurate Annual Financial Statements (AFS).
  • Make sure that the financial records of the Co-operative follow the requirements of the Constitution and the Co-operative Act.
  • Make sure that the assets and property of the Co-operative are properly managed.
  • Attend meetings of the Co-operative where financial matters are discussed.
  • Collect any information needed for the audit.
  • Report on whether the Co-operative is following the seven Co-operative principles.
  • Report on any other financial matters.
  • Submit an annual auditor’s report and Annual Financial Statements (AFS) to the Co-operative.

To view the steps on how to update the auditors of the co-operative, click here.