Section 4: Code of best practices for internal controller
consolidated text (as at 2018, amended since). juris shows the text as it was consolidated; it does not confirm that this is the law in force today.
4. Code of best practices for internal controller
(1) The Board of directors and management of the society shall establish an
internal control system to ensure efficiency and effectiveness of operations,
reliability of financial reporting and in accordance with appropriate laws and
rules.
C49 – 67 [Issue 9]
Co-Operatives Act
(2) The Internal Controller shall have unrestricted access to all records,
property and documents of the society.
(3) (a) The Internal Controller shall provide timely and quarterly reports to
the Board and to the Registrar of Co-operative Societies on significant audit
findings and recommendations.
(b) The Internal Controller shall provide timely information to the Audit
Committee or the Board concerning suspected fraudulent activities, significant
instances of non-compliance or abuse, if any.
(4) The Internal Controller shall not use or disclose any matter which comes
to his knowledge in the performance of his functions, except for the purposes of
administering this Act.
(5) No person shall be appointed to act as internal controller for a
continuous period of more than 3 years.
[Issue 9] C49 – 68