Cooperative Audit Guide: Governance & Management, Lecture notes of Accounting

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DIFFERENT COOPERATIVE

COMMITTEES

ARTICLE V, REPUBLIC ACT 9520

ANGELUS EDWARD R. JOSE, CPA, MBA

AUDIT COMMITTEE SECTION 1 ■ Creation through General Assembly ■ Term of Office is 1 Year until their successors shall been elected and qualified. ■ Consist of 3 Members:

• Chairperson
• Vice-Chairperson
• Secretary

ELECTION COMMITTEE SECTION 3 ■ Creation through General Assembly ■ Term of Office is 1 Year until their successors shall been elected and qualified. ■ Consist of 3 Members:

• Chairperson
• Vice-Chairperson
• Secretary

FUNCTIONS AND RESPONSIBILITIES

SECTION 4 ■ Formulate election rules and guidelines and recommend to the GA for approval. ■ Implement election rules and guidelines duly approved by the GA. ■ Recommend necessary amendments to the election rules and guidelines, in consultation with the BOD, for approval of the GA. ■ Supervise the conduct, manner and procedure of election and other election related activities and act on the changes thereto. ■ Canvass and certify the results of the election. ■ Proclaim the winning candidates. ■ Decide election and other related cases except those involving the Election Committee or its members.

FUNCTIONS AND RESPONSIBILITIES

SECTION 6 ■ Keep Members, Officers, Staff Well-Informed regarding cooperative’s goals/objectives, policies and procedure, services, etc. ■ Plan and Implement educational program for cooperative members, officers and staff. ■ Develop promotional and training materials for the cooperative. ■ Conduct/Coordinate training activities.

MEDIATION AND CONCILIATION COMMITTEE

SECTION 7 ■ Creation through General Assembly ■ Term of Office is 1 Year until their successors shall been elected and qualified. ■ Consist of 3 Members:

• Chairperson
• Vice-Chairperson
• Secretary

FUNCTIONS AND RESPONSIBILITIES

SECTION 8 ■ Submit recommendations for improvements to the BOD. ■ Recommend to the BOD any member of the cooperative for Conciliation-Mediation Trainings as Cooperative Mediator-Conciliator. ■ Issue the Certificate of Non-Settlement.

ETHICS COMMITTEE SECTION 9 ■ Creation through General Assembly ■ Term of Office is 1 Year until their successors shall been elected and qualified. ■ Consist of 3 Members:

• Chairperson
• Vice-Chairperson
• Secretary

FUNCTIONS AND RESPONSIBILITIES

SECTION 10

■ Conduct initial investigation or injury upon

receipt of a complaint involving Code of

Governance and Ethical Standards and

submit report to the BOD together with the

appropriate sanctions.

■ Recommend ethical rules and policy to the

BOD.

OTHER COMMITTEES SECTION 11 ■ By MAJORITY VOTE of ALL ITS MEMBERS, the Board of Directors may form such other committees as may be deemed necessary for the operation of the Cooperative.

GOVERNANCE AND MANAGEMENT AUDIT WORKING PAPER (PERFORMANCE AUDIT REPORT) This working paper must filled up by the Internal Auditor or the Audit Committee in coordination with the responsible person/s in the key units of the cooperative signifying the presence of the documents being ask. The remarks portion should indicate finding/s in the document whether it is not in possession by the right person, found to be incomplete in substance, or the documents is not duly signed by responsible officer/s. A. GOVERNANCE REPORTS OFFICERS DOCUMENTS Please check if available REMARKS A.1 General Assembly

1. Approval of plans and budget

2 .Acceptance/approval/confirmation /ratification of the following reports of the Board (including BR) and Committees 2.1 Board Report 2.2 Committee Report 2.3 Management Report

3. Engagement of the external auditors
4. Election of officers
5. Presentation of Annual Report
6. Acceptance of Audited Financial Statements
7. Other Resolutions/Policies, including amendments of ACBL, if any

A.3 Election Committee

1. Minutes and Committee Reports and Recommendations
2. Written duties and responsibilities
3. Duly signed Oath of Office
4. Duly approved election guidelines
5. Education program of members with voting rights
6. Screening program of members with voting rights
7. List of Members with voting rights
8. Results of Election
9. Documents as to run-over of documents to new officers

A.4 Audit Committee

1. Minutes and Committee Reports and Recommendations
2. Written duties and responsibilities
3. Duly signed Oath of Office
4. Audit System and Procedure
5. Audit Program of Work
6. Internal Audit Report
7. Monitoring report on audit recommendations
8. Report to General Assembly