In force2020 Revised Edition

Contents

Co-operative Societies Act 1979 · 2020 Revised Edition · Part 3 · Privileges and Duties of Societies

33. Audit of societies

(1)

Every society must at least once in every year have its books and accounts audited by a public accountant or a person authorised by the Registrar in writing.

(2)

A person is not eligible to be or remain an auditor of a society if the person —

(a)

has outstanding liabilities with the society or any of its related entities;

(b)

is an officer of the society;

(c)

is a partner, an employer or an employee of an officer of the society; or

(d)

is a partner or an employee of an employee of an officer of the society.

(3)

An auditor of a society has power —

(a)

to have at all reasonable times free access to all accounting and other records relating directly or indirectly to the financial transactions of the society;

(b)

to require the production of any book or document relating to the affairs of, or any property belonging to, the society by its officer, agent, employee or member in possession of the book, document or property;

(c)

to require any officer, agent, employee or member of the society to furnish any information in regard to any transaction of the society or the management of its affairs; and

(d)

to make copies of or extracts from accounting and other records, or retain possession of such records for such period as may be necessary to enable them to be inspected.

(4)

In this section, “related entity”, in relation to a society, means —

(a)

the parent society of the society, or a subsidiary of such a parent society; or

(b)

a subsidiary of the society.

Terms defined in s 2

auditor
Defined · s 2
“auditor”, in relation to a society, means any person referred to in section 33(1) or 36(4)(b);
Open s 2
member
Defined · s 2
“member” includes an individual person or institution qualifying for membership in a co-operative society, who or which join in the application for the registration of a society, and an individual person or institution admitted to membership after registration in accordance with this Act, the Rules and the by-laws;
Open s 2
officer
Defined · s 2
“officer” includes a chairperson, vice‑chairperson, director, secretary, assistant secretary, treasurer, assistant treasurer, member of committee of management, employee, internal auditor, liquidator or other person empowered under this Act, the Rules or the by-laws, to give directives in regard to the business of a society or to supervise the business;
Open s 2
parent society
Defined · s 2
“parent society” means a society with one or more subsidiaries;
Open s 2
public accountant
Defined · s 2
“public accountant” means a person who is registered or deemed to be registered under the Accountants Act 2004 as a public accountant;
Open s 2
Registrar
Defined · s 2
“Registrar” means the Registrar of Co‑operative Societies appointed under section 3(1), and includes a Deputy Registrar, an Assistant Registrar, or a public officer appointed under section 3(1), exercising such function, duty or power of the Registrar as is delegated to the Deputy Registrar, Assistant Registrar or public officer (as the case may be) under section 3(2);
Open s 2
society
Defined · s 2
“society” means a co-operative society registered under this Act and includes a primary society, a secondary society and an apex organisation;
Open s 2
subsidiary
Defined · s 2
“subsidiary”, in relation to a society, means any body corporate (including another society) or body unincorporate which is controlled by the society;
Open s 2

Report

Read on from s 33A

Part 4

Rights and Liabilities of Members

Read on from Part 4

Part 5

Organisation and Management of Societies

Read on from Part 5

Part 6

Property and Funds of Societies

Read on from Part 6

Part 7

Amalgamation and Transfer

Read on from Part 7

Part 8

Duties and Powers of Registrar

Read on from Part 8

Part 9

Miscellaneous

Read on from Part 9