Chapter 9 - AUDIT, INQUIRY AND MEMBERS' RIGHT TO EXAMINE

Refers to an act of giving official authorization or approval to a qualified auditor to conduct financial audit to cooperatives

Accreditation

Cooperatives registered under this Code shall be subject to an annual financial, performance and social audit. The financial audit shall be conducted by an external auditor who satisfies all the following qualifications: "(1) He is independent of the cooperative or any of its subsidiary that he is auditing; and "(2) He is a member in good standing of the Philippine Institute of Certified Public Accountants (PICPA) and is accredited by both the Board and Accountancy and the Authority.

Article 80 Annual Audit

The auditor shall submit to the board of directors and to the audit committee the financial audit report which shall be in accordance with the generally accepted auditing standards for cooperatives as jointly promulgated by the Philippine Institute of Certified Public Accountants (PICPA) and the Authority. "Thereafter, the board of directors shall present the complete audit report to the general assembly in its next meeting. "

Article 81 Audit Report

The auditor is not liable to any person in an action for defamation based on any act, done, or any statement made by him in good faith in connection with any matter he is authorized or required to do pursuant to this Code.

Article 82 Nonliability for Defamations.

A member shall have the right to examine the records required to be kept by the cooperative under Article 52 of this Code during reasonable hours on business days and he may demand, in writing, for a copy of excerpts from said records without charge except the cost of production. "Any officer of the cooperative who shall refuse to allow any member of the cooperative to examine and copy excerpts from its records shall be liable to such member for damages and shall be guilty of an offense which shall be punishable under Article 140 of this Code: Provided, That if such refusal is pursuant to a resolution or order of the board of directors, the liability under this article shall be imposed upon the directors who voted for such refusal: Provided, further, That it shall be a defense to any action under this article that the member demanding to examine and copy excerpts from the cooperative records has improperly used any information secured through any prior examination of the records of such cooperative or was not acting in good faith or for a legitimate purpose in making his demand.

Article 83 Right to Examine.

Every cooperative shall, at its principal office, keep and carefully preserve the records required by this Code to be prepared and maintained. It shall take all necessary precaution to prevent its loss, destruction or falsification."

Article 84 Safety of Records.

Refers to either the partners of a firm providing audit services or sole practitioner providing audit services as appropriate

Auditing firm

Refers to the team leader of the audit engagement

Auditor in charge

Refers to an independent CPA accredited by CDA whose relations hip to the client is to express an opinion on the financial statements. He/she may be the signing partner in an auditing firm or a sole practitioner.

Cooperative external aduitor

Refers tot he report on the accomplishment of the cooperative' s social development plan

Management Social Performance Report

Presents the accomplishment of coop'ssocial development plan

Management social performance report

Refers to all members of a partnership or an audit firm but not necessarily conducting audit to cooperatives

Partner

Refers to a professional partnership engaged in the practice of public accountancy duly registered with the securities and exchange commission

Partnership

Refers to the review of the performance of the cooperative vis a vis its social development plans and budget

Social Performance Assessment

refers to the procedure where the cooperative assesses its coaial impact and ethical performance vis-a-vis its stated vision, goals and social missions.

Social audit

Refers tot the certified report prepared by the auditor as a result of the social audit conducted

Social audit report

Shall consist of narrative report on the comments/observations, including recommendations and the accomplished Social Audit Working Document which shall be attached to the cooperative annual progress report

Social audit report

Refers tot he instrument used by the auditor in the conduct of social audit

Social audit working document

Refers to either by the cooperative's internal auditor, audit committee or social auditor designated by it

Social auditor

Refers tot he annual programs,projects and activities with corresponding resources approved by both the board o director and the GA

Social development plan and budget

Refers tot he set of activities and projects that the cooperative implements to achieve its social goals

Social development programs

Refers to the clear statement of acceptable and desirable future social conditions that provide direction for the things that the cooperative wants to achieve

Social goals

Refers to the process of monitoring. analyzing, and evaluating the intended and unintended social outcome/result, both positive and negative as well as the planned interventions and social change processes involved in said interventions

Social impact assessment

Refers to the effective translation of cooperative's mission into practice in line with accepted social values or simply making a cooperative's social mission

Social performance