Co-operatives Act, 2005 (Act No. 14 of 2005)

Regulations

Co-operatives Administrative Regulations, 2016

Chapter 1 : Co-operative Registration and Support

Part 2 : Financial Reporting Framework for Co-operatives

31. Audit, independent review and approval of social and management decision reports
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(1)For purposes of the audit and independent review of the social report and management decision report the requirements will be met if the auditor or independent reviewer reports that (a) in his/her responsibility to verify that a certificate has been submitted by the co-operative declaring that the Board confirms that to the best of their knowledge and belief, the co-operative has complied with all legal requirements as well as the requirements contained in the co-operative's own constitution and that the social and ethical performance of the cooperative is in relation to its stated vision, mission, goals and code of social responsibility as set out in its constitution, or has not been submitted; or (b) that in his/her responsibility to read the social report and management decision report, and in doing so, consider whether these reports are materially inconsistent with the financial statements or his/her knowledge obtained in the audit or independent review or otherwise appear to be materially misstated, and report any findings in this regard.

 

(2)The social and management decision reports for a category A1 or and A2 primary cooperative, prepared by the Boards of directors, must be distributed to members, together with the annual report at least fourteen days prior to the annual general meeting for  consideration by the members at the annual general meeting.