CO-OPERATIVE HOUSING SOCIETIES ACT 1958 - SECT 56 Audit

CO-OPERATIVE HOUSING SOCIETIES ACT 1958 - SECT 56

    (1)     The accounts of a society shall be audited annually or more frequently as may be prescribed by the rules of the society.

S. 56(2) substituted by No. 44/2001 s. 3(Sch. item 19.4).

    (2)     The auditor must be a person registered as an auditor under Part 9.2 of the Corporations Act and approved by the registrar, but an officer of the society is not capable of being appointed its auditor.

    (3)     The auditor shall have a right of access to the books accounts vouchers and documents of the society, and may require from the directors and other officers such information and explanation as may be necessary for the performance of his duties as auditor.

    (4)     In making his report to the members of the society and in signing any statement of assets and liabilities or of accounts to be presented to the members or transmitted to the registrar, the auditor shall state—

        (a)     whether he has obtained the information and explanation required by him;

        (b)     whether in his opinion the statements are properly drawn up so as to exhibit a true and correct view of the financial position of the society according to the information at his disposal and explanation given to him and as shown by the books of the society; and

        (c)     whether the rules relating to the administration of the funds of the society have been observed.

    (5)     A copy of the balance-sheet and final accounts for the period covered by the audit, both duly audited, together with a copy of the auditor's report to the members of the society, shall be transmitted to each member with the notice of the annual general meeting, or, in the alternative, if the rules of the society so provide, the notice of the annual general meeting may include a notice that the balance-sheet and final accounts as aforesaid and the auditor's report may be inspected by members at the office of the society for such period before the meeting as may be prescribed by the rules.

    (6)     Any member may inspect his own account in the books of the society at any reasonable time on payment of a fee not exceeding Twenty cents ($0.20).

S. 56(7) substituted by No. 93/1997

s. 28(Sch.

item 8), amended by No. 53/1999 s. 26(Sch. item 7(a)).

    (7)     The Treasurer may, at any time, require the Auditor-General to audit the accounts of a society and, if so—

S. 56(7)(a) amended by No. 53/1999 s. 26(Sch. item 7(b)).

        (a)     the Auditor-General has in respect of the audit all the powers conferred on the Auditor-General by any law relating to the audit of the Public Account; and

        (b)     the Auditor-General must submit a report of the audit to the Treasurer.

No. 6138 s. 57.