Securing an annual audit of the cooperative’s financial records is the responsibility of the board of directors. Because the board acts as trustee of the corporation’s assets, it is responsible for safeguarding, auditing, and appraising the cooperative’s financial resources. The board performs these duties on behalf of members, stockholders, and creditors. The audit is a fundamental part of this trustee responsibility, and the cost of the audit should be considered a normal business expense. In other words, adequate funds should be budgeted annually for an audit.
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