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The Audit Committee
According to our By-Laws, the Audit Committee, as an independent body, shall protect the interest of the members in particular and the Cooperative in general through internal financial and management audit, As such, it shall be responsible for the following:
Perform management audit on the actuations and performance of the Board of Directors, Officers, Committees, employees, and members as regards their compliance with the nature, concept, principles and practices of Cooperatives, governing laws, CDA rules and regulations, articles and by-laws of the Cooperative, policies of the Board of Directors, Representative Assembly and General Assembly.
Conduct periodic or quarterly financial and management audit;
Conduct an annual inventory of the assets and other properties of the cooperative;
Prepare and submit quarterly financial and management audit reports to the Board of Directors and annual reports to the Representative Assembly.
The Audit Committee in the performance of its duties may create sub-committees to assist in its functions.
The members of the Audit Committee shall continuously possess all of the qualifications and none of the disqualifications for committee members as set forth in the by-laws of our Cooperative. Specifically, no member of this committee shall be related within the third civil degree of consanguinity or affinity to the members of the Credit Committee or to the other elective officers of our Coop.
The preferred composition of the Audit Committee shall be: one member possesses a basic experience in auditing or is an Accountant by profession; another member has the experience or educational background in credit operations; and the third has the experience or educational background in education and/or other major operations of our Cooperative. The election screening of Audit Committee candidates shall be such as to promote or approximate such preferred composition.
We are inviting all members of the cooperative to nominate qualified candidates for the Audit Committee. The Election Committee is now preparing for the forthcoming General Election on March 2011. They have already started distributing nomination forms for candidates to the Board of Directors, Election Committee, Mediation and Conciliation Committee and Audit Committee.