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Requirements for audit committee member

Co-operative Societies (Requirements for Members of Committee and Officers of Credit Society) Rules 2019

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For the purposes of section 36(2)(b) of the Act —(a)at least one member of the audit committee of a small credit society must have either or both of the following qualifications and experience:(i)at least 2 years of work experience in performing accounting, audit, business, financial or management duties in any organisation;(ii)at least a tertiary qualification in accountancy, business, economics or finance;(b)at least one member of the audit committee of a medium credit society must have either or both of the following qualifications and experience:(i)at least 4 years of work experience in performing accounting, audit, business, financial or management duties in any organisation;(ii)at least 2 years of work experience in performing accounting, audit, business, financial or management duties in any organisation, and at least a tertiary qualification in accountancy, business, economics or finance; and(c)at least one member of the audit committee of a large credit society must have either or both of the following qualifications and experience:(i)at least 5 years of work experience in performing accounting, audit, business, financial or management duties in any organisation;(ii)at least 3 years of work experience in performing accounting, audit, business, financial or management duties in any organisation, and at least a higher tertiary qualification, or a professional certification, in accountancy, business, economics or finance.

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