bannor-Recovered

Audit

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.

Resources

“The information and training materials on this website are supplied by the author and have not been edited by us. We have provided these materials as a central resource for our users, but we encourage you to carefully evaluate their relevance and accuracy for your own purposes. Please note that the views and opinions expressed in these materials do not necessarily reflect those of our organization, and we cannot be held responsible for any errors or omissions they may contain. It is your responsibility to verify the accuracy and appropriateness of these materials before using them. Proper attribution to the original authors is always required when using these materials, and you should also follow any applicable copyright or licensing requirements.”

Pre-Audit AIR Checklist

This checklist lists the information your auditor will need to file your co-op’s AIR (Annual Information Return). Please complete the checklist and have all the information ready when the auditor arrives to audit your books.

Annual Audits - Board Responsibilities

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.

Audits of Nonprofit Organizations

This publication is designed to provide accurate and authoritative information in regard to the subject matter covered. It is sold with the understanding that the publisher is not engaged in rendering legal, accounting, or other professional service. If legal advice or other expert assistance is required, the services of a competent professional person should be sought.

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