The Co-operatives Board and the Co-operative's Auditor

11

© 2007 Rolan Micallef Attard & YesItMatters.com

The CoThe Co--operatives Board and the operatives Board and the

CoCo--operativeoperative’’s Auditors Auditor

2929thth October 2007 October 2007 The management of coThe management of co--operative societiesoperative societies

Advanced CourseAdvanced Course

organisedorganised by APEXby APEX

Rolan Micallef AttardRolan Micallef Attard

Certified Public Accountant & Co-operative Consultant

email: [email protected]

web: http://www.yesitmatters.com

22


Legislation & Regulation Legislation & Regulation

Governing CoGoverning Co--operatives operatives

SocietiesSocieties

Compliance MattersCompliance Matters

33


Main Legislation RegulatingMain Legislation Regulating

CoCo--operative Societiesoperative Societies

�� 1946 1946 –– CoCo--operative Societies Ordinanceoperative Societies Ordinance

�� 1978 1978 –– CoCo--operative Societies Actoperative Societies Act

�� 2001 2001 –– CoCo--operative Societies Act (Cap.442)operative Societies Act (Cap.442)

�� Statute for a European CoStatute for a European Co--operative Society (EU operative Society (EU

Council Regulation No. 1435/2003)Council Regulation No. 1435/2003)

44


Subsidiary Legislation Regulating Subsidiary Legislation Regulating

CoCo--operative Societiesoperative Societies�� (L.N. 35 of 1990)(L.N. 35 of 1990) –– CoCo--operative Societies (Rate of Dividend on Share operative Societies (Rate of Dividend on Share

Capital) Regulations 1990Capital) Regulations 1990

�� (L.N. 49 of 2002) (L.N. 49 of 2002) -- Commencement NoticeCommencement Notice

�� (L.N. 108 of 2002) (L.N. 108 of 2002) –– CoCo--operative Societies (Central Cooperative Fund) operative Societies (Central Cooperative Fund) Regulations, 2002Regulations, 2002

�� (L.N. 115 of 2003)(L.N. 115 of 2003) –– CoCo--operative Societies (Establishment of operative Societies (Establishment of Administrative Penalties and Sanctions) Regulations, 2003Administrative Penalties and Sanctions) Regulations, 2003

�� (L.N. 116 of 2003) (L.N. 116 of 2003) –– CoCo--operative Societies (Central Cooperative Fund) operative Societies (Central Cooperative Fund) (Amendment) Regulations, 2003(Amendment) Regulations, 2003

�� (L.N. 198 of 2003) (L.N. 198 of 2003) –– CoCo--operative Societies (Levying of Fees) operative Societies (Levying of Fees) Regulations, 2003Regulations, 2003

�� (L.N. 338 of 2003) (L.N. 338 of 2003) -- Notice of bringing into force of the CoNotice of bringing into force of the Co--operative operative Societies (Establishment of Administrative Penalties and SanctioSocieties (Establishment of Administrative Penalties and Sanctions) ns) Regulations, 2003Regulations, 2003

�� (L.N. 48 of 2007) (L.N. 48 of 2007) –– Employee involvement (European CoEmployee involvement (European Co--operative operative Society) RegulationsSociety) Regulations

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CoCo--operatives Board operatives Board -- FormsForms

�� Application for Registration of a Application for Registration of a

CoCo--operative Societyoperative Society

�� Notification of changes among officials of Notification of changes among officials of

the Committee of Management the Committee of Management -- Form AForm A

�� Notification of changes among Members of Notification of changes among Members of

CoCo--operative Society & Annual Membersoperative Society & Annual Members’’

List List -- Form BForm B

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Audited Financial Statements Audited Financial Statements --

Compliance Compliance

�� CoCo--operative Societies Act operative Societies Act (Cap. 442)(Cap. 442)

�� International Accounting Standards International Accounting Standards ((IASsIASs & & IFRSsIFRSs))

�� International Standards on Auditing International Standards on Auditing (IFAC)(IFAC)

�� MembersMembers’’ Shares in CoShares in Co--operative operative Entities and Similar Instruments Entities and Similar Instruments (IFRIC2)(IFRIC2)

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Handbooks & LegislationHandbooks & Legislation

88


Taxation and CoTaxation and Co--operative operative

SocietiesSocieties

Art. 12(1)(q) of The Income Tax Act Art. 12(1)(q) of The Income Tax Act (Cap.123) states:(Cap.123) states:

�� ““There shall be exempt from the tax There shall be exempt from the tax –– the the income of a coincome of a co--operative societyoperative society””

�� Income Tax Return of coIncome Tax Return of co--operative societies operative societies needs to be filed with the Inland Revenue needs to be filed with the Inland Revenue DepartmentDepartment

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CoCo--operative Societiesoperative Societies’’ SurplusSurplus

Surplus Distribution MattersSurplus Distribution Matters

1010


Central CoCentral Co--operative Fundoperative Fund

�� Art. 91(3) Art. 91(3) ““Every society shall contribute 5% of the surplus Every society shall contribute 5% of the surplus resulting from its activities, investments and any other resulting from its activities, investments and any other sources at the end of each accounting period to the fundsources at the end of each accounting period to the fund””

For the purposes of calculating the 5% CCF contribution:For the purposes of calculating the 5% CCF contribution:

•• NO carry forward of deficit to following year is allowed;NO carry forward of deficit to following year is allowed;

•• NO shifting of surplus or deficit to different years by way of pNO shifting of surplus or deficit to different years by way of prior rior year adjustment is allowed.year adjustment is allowed.

�� CoCo--operatives Board vs. KPH arbitration ruling dated operatives Board vs. KPH arbitration ruling dated 2828thth JanuaryJanuary 2002, 2002, ““....ghallghall--kalkolukalkolu taltal--kontribuzzjonikontribuzzjoni lilillkokooperativaoperativa ghandhaghandha tghadditghaddi lilllill--Fond Fond CentraliCentrali skondskond ll--artikluartiklu 86(3) 86(3) tata’’ AttAtt ghandughandu jittiehedjittiehed in in konsiderazzjonikonsiderazzjoni rr--residwuresidwu nettnett kollukollu, u , u cioecioe’’ mhuxmhux bissbiss dakdak millmill--operatoperatekonomikuekonomiku immaimma ankianki minnminn dhuldhul iehoriehor bhalbhal dakdak minnminninvestimentiinvestimenti””

1111


Reserve FundReserve Fund

Art. 90 Art. 90 –– Every society shall Every society shall maintain a reserve fund under the maintain a reserve fund under the following conditions:following conditions:

�� Shall be used exclusively to recover lossesShall be used exclusively to recover losses

�� Shall be kept in the form of liquid assetsShall be kept in the form of liquid assets

�� Minimum transfer; 20% of the annual surplusMinimum transfer; 20% of the annual surplus

•• The 20% p.a. transfer The 20% p.a. transfer is requiredis required provided that the;provided that the;

�� RF < 100% of paid up share capital + 20% of RF < 100% of paid up share capital + 20% of borrowed capitalborrowed capital

�� statute does not make mention to the capping statute does not make mention to the capping [proviso of Art. 90(1)(3)][proviso of Art. 90(1)(3)]

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““Net SurplusNet Surplus”” in the context of in the context of

CoCo--operative societiesoperative societies

�� Art. 2 Art. 2 –– ““Net surplus means the remaining portion Net surplus means the remaining portion of the surplus after adequate provision has been of the surplus after adequate provision has been made for the Central Comade for the Central Co--operative Fund and the operative Fund and the reserve fundreserve fund””

�� Third Schedule (I&E Format) Third Schedule (I&E Format) -- Net Surplus is Net Surplus is NOTNOTthe Accumulated Income & Expenditure accountthe Accumulated Income & Expenditure account

�� CoCo--operatives Board vs. KPH arbitration ruling operatives Board vs. KPH arbitration ruling dated 28dated 28thth January 2002 with respect to the January 2002 with respect to the meaning of meaning of ““surplussurplus”” and and ““net surplusnet surplus””

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Income & Expenditure Account Income & Expenditure Account ––

from Revenue to Net Surplusfrom Revenue to Net Surplus

RevenueRevenue

-- Cost of SalesCost of Sales

= = Gross surplusGross surplus

SurplusSurplus

-- CCF CCF –– 5%5%

-- Reserve FundReserve Fund

= = Net SurplusNet Surplus

Gross surplusGross surplus

-- DistribDistrib. costs. costs

-- Admin. Admin. ExpsExps..

+ Other income+ Other income

-- Other costsOther costs

-- TaxationTaxation

= = SurplusSurplus

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Distribution of the Net SurplusDistribution of the Net Surplus

The net surplus of a society may be:The net surplus of a society may be:

�� Art. 92 Art. 92 –– Divided among the members by way of dividend currently up to a Divided among the members by way of dividend currently up to a limit of limit of 5% of the paid up share capital [L.N. 35 of 1990]; 5% of the paid up share capital [L.N. 35 of 1990];

�� Art. 92 Art. 92 -- Divided among the members in any manner authorised by the Act;Divided among the members in any manner authorised by the Act;

�� Art. 92 Art. 92 -- Divided among the members in any manner authorised by the statuDivided among the members in any manner authorised by the statute;te;

�� Art. 92 Art. 92 -- Allocated to any other fund of the society to such extent and uAllocated to any other fund of the society to such extent and under such nder such conditions as may be prescribed by the ACT or by the statute of conditions as may be prescribed by the ACT or by the statute of the society;the society;

�� Art. 92(3) Art. 92(3) -- Applied in accordance to the statute of a society or to generalApplied in accordance to the statute of a society or to general or or specific directions determined by a general meeting for any charspecific directions determined by a general meeting for any charitable, educational itable, educational or other public purpose;or other public purpose;

�� Art. 93 Art. 93 -- Distributed by way of patronage refund among its members in proDistributed by way of patronage refund among its members in proportion to portion to the volume of business or other transactions done by them with tthe volume of business or other transactions done by them with the society;he society;

�� Art. 94(2) Art. 94(2) -- Distributed by way of bonus certificate and the holder may claiDistributed by way of bonus certificate and the holder may claim m payment on a date not earlier than five years from the day when payment on a date not earlier than five years from the day when the bonus the bonus certificate was issued;certificate was issued;

�� Art. 94(3) Art. 94(3) -- Distributed by way of bonus share and the share may not be withDistributed by way of bonus share and the share may not be withdrawn drawn before ten years from the date of its issue unless the holder ofbefore ten years from the date of its issue unless the holder of the bonus share has the bonus share has ceased to be a member, in which case the share may be claimed upceased to be a member, in which case the share may be claimed up to twelve to twelve months after the date when the person had ceased to be member.months after the date when the person had ceased to be member.

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From Net Surplus to Accumulated From Net Surplus to Accumulated

Surplus AccountSurplus AccountNet SurplusNet Surplus

Divided by way of:Divided by way of:

DividendDividend

Authorised by ACTAuthorised by ACT

Authorised by StatuteAuthorised by Statute

Allocated to:Allocated to:

Other FundsOther Funds

Applied to:Applied to:

Charitable, Charitable,

educational educational

& public purposes& public purposes

Distributed by way of:Distributed by way of:

Patronage RefundPatronage Refund

Bonus certificatesBonus certificates

Bonus sharesBonus shares

= = Accumulated Surplus Accumulated Surplus AccountAccount

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Dissolution & Liquidation of Dissolution & Liquidation of


Assets Distribution MattersAssets Distribution Matters

1717


Distribution of Assets on SocietyDistribution of Assets on Society’’s Winding Ups Winding Up

Art. 104 Art. 104 -- The assets shall be distributed in The assets shall be distributed in the following manner and orderthe following manner and order::�� Cost of liquidationCost of liquidation

�� Discharge of liabilitiesDischarge of liabilities

�� Payment of share capitalPayment of share capital

and thereafter and thereafter if the statute permitsif the statute permits::

�� Dividend up to a maximum as per regulation of the Act Dividend up to a maximum as per regulation of the Act (currently 5% of the share capital for any period (currently 5% of the share capital for any period during during which no dividend or patronage refund was in fact paidwhich no dividend or patronage refund was in fact paid))

or or

�� Patronage Refund for any period Patronage Refund for any period during which no during which no dividend or patronage refund was in fact paiddividend or patronage refund was in fact paid

��Art. 105 Art. 105 -- Any moneys remaining after the distribution Any moneys remaining after the distribution SHALL NOTSHALL NOT be divided among its members but shall be be divided among its members but shall be deposited in the Codeposited in the Co--operative Societies Liquidation operative Societies Liquidation Account kept by the Board for five years, which in turn Account kept by the Board for five years, which in turn are transferred to the CCFare transferred to the CCF

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Liquidating SocietyLiquidating Society’’s Assetss Assets

Assets

Liquidation costs

Liquidator

Refund share capital

Sell all assets

Collect all debts

Pay all liabilities

Distribute dividends

Distribute Patronage refund

Transfer remaining cash to Co-operative

Societies Liquidation

Account

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The Auditor of CoThe Auditor of Co--operative operative

SocietiesSocieties

Specialisation MattersSpecialisation Matters

2020


The CoThe Co--operativeoperative’’s Auditors Auditor

Fundamental ethical principles:Fundamental ethical principles:

�� IntegrityIntegrity

�� ObjectivityObjectivity

�� Professional competence and due careProfessional competence and due care

�� ConfidentialityConfidentiality

�� Professional behaviourProfessional behaviour

Other conditionsOther conditions

�� Auditors must be warrant holders having a practicing Auditors must be warrant holders having a practicing certificate to act as auditorcertificate to act as auditor

�� An auditor must hold office at all timesAn auditor must hold office at all times

�� Auditors are appointed at AGMAuditors are appointed at AGM

�� Disqualification of auditors Disqualification of auditors (A.46)(A.46)

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Audited Financial Audited Financial

Statements of CoStatements of Co--operative operative

SocietiesSocieties

Presentation MattersPresentation Matters

2222


Audited Financial Statements Audited Financial Statements

submission to the Boardsubmission to the Board�� Financial statements must be delivered to the Financial statements must be delivered to the

Board Board within 6 monthswithin 6 months after the close of each after the close of each

financial year in the following format:financial year in the following format:--

•• 1 1 completecomplete set of audited financial statements as set of audited financial statements as

presented at AGMpresented at AGM

•• 1 set of abridged audited financial statements to be 1 set of abridged audited financial statements to be

made available for public inspection (made available for public inspection (optionaloptional))

�� The Board shall make available for public The Board shall make available for public

inspection the full set of financial statements in inspection the full set of financial statements in

the event that the abridged accounts are not the event that the abridged accounts are not

delivered within the stipulated six monthsdelivered within the stipulated six months

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Abridged Financial Statements Abridged Financial Statements ––

FormatFormat

�� What statements are to be prepared? What statements are to be prepared?

•• Abridged Balance SheetAbridged Balance Sheet

•• Abridged Income & Expenditure AccountAbridged Income & Expenditure Account

•• Abridged Notes to the accountsAbridged Notes to the accounts

�� ACT stipulates only one format as regards ACT stipulates only one format as regards

I&E and Balance Sheet I&E and Balance Sheet

((Part V of the Third Schedule of the CoPart V of the Third Schedule of the Co--operative Societies Act)operative Societies Act)

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Abridged Financial Statements Abridged Financial Statements

CoCo--operatives vs. Companiesoperatives vs. Companies

�� Abridged Income & Expenditure AccountAbridged Income & Expenditure Account

is a statutory requirement when presenting is a statutory requirement when presenting abridged financial statements of coabridged financial statements of co--operative societies.operative societies.

(Not a requirement for companies)(Not a requirement for companies)

((Part V of the Third Schedule of the CoPart V of the Third Schedule of the Co--operative Societies Act)operative Societies Act)

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Departure from the prescribed Departure from the prescribed

Financial Statements FormatsFinancial Statements Formats

If in the opinion of the Committee of If in the opinion of the Committee of

Management there are special reasons to depart Management there are special reasons to depart

from preparing the financial statements in the from preparing the financial statements in the

format prescribed by the Act (format prescribed by the Act (i.e. Balance Sheet i.e. Balance Sheet

and Income & Expenditure Accountand Income & Expenditure Account), ), the fact the fact

must be disclosed and the reasons explained in must be disclosed and the reasons explained in

the notes to the accounts when the new format the notes to the accounts when the new format

is first adoptedis first adopted

(Para. 2 of Part I of the Third Schedule of the Act)(Para. 2 of Part I of the Third Schedule of the Act)

2626


The Audit Report of CoThe Audit Report of Co--operative operative

SocietiesSocieties�� Art. 49 Art. 49 –– The audit report The audit report mustmust state whether in the state whether in the

auditorsauditors’’ opinion, the financial statements:opinion, the financial statements:--

•• have been properly prepared in accordance with have been properly prepared in accordance with the the Cooperative Societies ACTCooperative Societies ACT

•• show a true and fair view:show a true and fair view:--

�� of the state of affairs of the society as at the of the state of affairs of the society as at the end of the accounting period; andend of the accounting period; and

�� of the income and expenditure of the society of the income and expenditure of the society for the accounting period.for the accounting period.

�� Art. 48 Art. 48 -- Audit reports are to be signed by the Audit reports are to be signed by the auditor or by an audit partner responsible to sign on auditor or by an audit partner responsible to sign on behalf of the partnership and the name of signing behalf of the partnership and the name of signing partner to be clearly typed on the face of the partner to be clearly typed on the face of the auditorsauditors’’ reportreport

2727


The Abridged Audit Report of The Abridged Audit Report of


��Art. 48(1)(b) Art. 48(1)(b) -- The abridged audited The abridged audited financial statements must be financial statements must be accompanied with the accompanied with the full textfull text of the of the audit report as laid down at the AGM, audit report as laid down at the AGM, together with a declaration stating:together with a declaration stating:

““Whether in the auditorWhether in the auditor’’s opinion the s opinion the society is entitled to prepare an abridged society is entitled to prepare an abridged set of audited financial statements, for set of audited financial statements, for public inspectionpublic inspection””

Same as for companiesSame as for companies

2828


Qualified Audit Reports of Qualified Audit Reports of


��Audit qualification Audit qualification –– should follow International should follow International Standards on AuditingStandards on Auditing

��ISA 701(18) ISA 701(18) –– ““When there is a limitation on the When there is a limitation on the scope of the auditorscope of the auditor’’s work that requires s work that requires expression of a qualified opinion or a disclaimer of expression of a qualified opinion or a disclaimer of opinion, the auditoropinion, the auditor’’s report should describe the s report should describe the limitation and indicate the possible adjustments limitation and indicate the possible adjustments to the financial statements that might have been to the financial statements that might have been determined to be necessary had the limitation not determined to be necessary had the limitation not existed.existed.””

Same as for companiesSame as for companies

2929


The CoThe Co--operatives Boardoperatives Board’’s s

power to Investigate affairs of power to Investigate affairs of


Investigation MattersInvestigation Matters

3030


The Role of the CoThe Role of the Co--operatives operatives

Board & Registrar of CompaniesBoard & Registrar of Companies

Art. 3(1) Art. 3(1) --

The BoardThe Board’’s Functions:s Functions:�� To register, monitor and To register, monitor and

exercise supervision over exercise supervision over coco--operative societies and operative societies and to ensure compliance with to ensure compliance with the provisions of the Act;the provisions of the Act;

�� To support and assist the To support and assist the establishment ofestablishment of--coco--operative societies in all operative societies in all sections of the economy sections of the economy and society;and society;

�� To furnish information To furnish information regarding coregarding co--operative operative principles, practices and principles, practices and management.management.

Art. 401(1) Art. 401(1) ––

The RegistrarThe Registrar’’s Functions:s Functions:�� To register any document, To register any document,

exercise the powers of exercise the powers of investigation, recover investigation, recover penalties, ensure penalties, ensure compliance with the compliance with the provisions of the Act;provisions of the Act;

Co-operative Societies Act Companies Act

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Investigations Investigations -- CoCo--operatives operatives

Board & Registrar of CompaniesBoard & Registrar of Companies

�� Art. 13 Art. 13 -- The Board may, on its The Board may, on its own motion, if it deems that own motion, if it deems that there are reasonable or there are reasonable or sufficient grounds to do so hold sufficient grounds to do so hold an inquiry into the working or an inquiry into the working or financial condition of a societyfinancial condition of a society

�� Art. 19 & Art. 100 Art. 19 & Art. 100 -- The Board The Board considers the interests of the considers the interests of the members, creditors and members, creditors and employees of the society.employees of the society.

�� Art. 404 Art. 404 -- The Registrar may The Registrar may

investigate the affairs of a investigate the affairs of a

company where it appears to company where it appears to

him that it is expedient and in him that it is expedient and in

the public interest to do so.the public interest to do so.

�� Art. 410 Art. 410 -- The Registrar The Registrar

considers the interests of the considers the interests of the

members, and any other person members, and any other person

whose financial interests appear whose financial interests appear

to be affected, whether as a to be affected, whether as a

creditor, body corporate, or creditor, body corporate, or

otherwise.otherwise.

Co-operative Societies Act Companies Act

3232


Main duty of the Auditor towards Main duty of the Auditor towards

the Cothe Co--operative Boardoperative Board�� Art. 49(1) Art. 49(1) -- Auditors Auditors shallshall forthwithforthwith inform the Board inform the Board andand

the society or any of its officers, of any the society or any of its officers, of any material material irregularityirregularity disclosed in the course of the auditdisclosed in the course of the audit

ForthwithForthwith = = ““immediately; at once; without delayimmediately; at once; without delay””

i.e. definitely before the submission of the audit report i.e. definitely before the submission of the audit report to the Committee of Managementto the Committee of Management

�� ISA 320 ISA 320 -- ““MaterialityMateriality——Information is material if its Information is material if its omission or misstatement could influence the economic omission or misstatement could influence the economic decisions of users taken on the basis of the financial decisions of users taken on the basis of the financial statements. Materiality depends on the size of the item statements. Materiality depends on the size of the item or error judged in the particular circumstances of its or error judged in the particular circumstances of its omission or misstatement. Thus, materiality provides a omission or misstatement. Thus, materiality provides a threshold or cutoff point rather than being a primary threshold or cutoff point rather than being a primary qualitative characteristic which information must have if qualitative characteristic which information must have if it is to be useful.it is to be useful.””

3333


Disagreement with theDisagreement with the

CoCo--operatives Boardoperatives Board

Expert MattersExpert Matters

3434


Engage coEngage co--operative expertsoperative experts

Depending on the caseDepending on the case

��Seek advise from the experts:Seek advise from the experts:

�� The legal advisor with coThe legal advisor with co--operative knowledgeoperative knowledge

�� The accountant with coThe accountant with co--operative knowledgeoperative knowledge

�� The business consultant with coThe business consultant with co--operative operative

knowledgeknowledge

�� The tax expert with coThe tax expert with co--operative knowledgeoperative knowledge

�� The coThe co--operative consultantoperative consultant

3535


Building a strong caseBuilding a strong case

��Prepare a clear strong casePrepare a clear strong case

��Quote the relevant legislation, correct Quote the relevant legislation, correct sequence of events and all argumentssequence of events and all arguments

��Send all relevant documentation to the Send all relevant documentation to the Board, and request a meeting with the Board, and request a meeting with the BoardBoard

��Prepare yourself for the meeting with the Prepare yourself for the meeting with the BoardBoard

��During the meeting with the Board keep in During the meeting with the Board keep in focus on the topicfocus on the topic

��Never attend a meeting without your Never attend a meeting without your expertsexperts

3636


Audit exemptions for small Audit exemptions for small

enterprises!enterprises!

Shall Malta adopt the EU Shall Malta adopt the EU

recommendations and follow recommendations and follow

other EU Member statesother EU Member states………….?.?

3737


Web LinksWeb Links

�� CoCo--operatives Boardoperatives Board

•• http://http://www.coopsboard.orgwww.coopsboard.org

�� APEXAPEX

•• http://http://www.apex.coopwww.apex.coop

�� SCOOPSSCOOPS

•• http://http://www.scoops.org.mtwww.scoops.org.mt

�� IInternational Cooperative Alliancenternational Cooperative Alliance

•• http://http://www.ica.coopwww.ica.coop

�� Ministry of Education Youth & EmploymentMinistry of Education Youth & Employment

•• http://http://www.education.org.mtwww.education.org.mt

�� Ministry for Competitiveness & CommunicationsMinistry for Competitiveness & Communications

•• http://http://www.mcmp.gov.mtwww.mcmp.gov.mt

�� YesItMatters.comYesItMatters.com

•• http://www.yesitmatters.com/html/cohttp://www.yesitmatters.com/html/co--operatives.htmloperatives.html

3838


Whilst great care has been taken in the preparation of this presWhilst great care has been taken in the preparation of this presentation material, entation material, details may have been omitted which may be directly relevant. Rdetails may have been omitted which may be directly relevant. Reference to the eference to the standards, authoritative material and official pronouncements shstandards, authoritative material and official pronouncements should therefore be ould therefore be made, and specific advice sought in respect to any particular mamade, and specific advice sought in respect to any particular matter. No tter. No responsibility for loss occasioned to any person or entity actinresponsibility for loss occasioned to any person or entity acting or refraining from g or refraining from action as a result of any occurrence in this material can be accaction as a result of any occurrence in this material can be accepted by the presenter epted by the presenter or any of his associated firms.or any of his associated firms.

©© 20072007 Rolan Micallef Attard & Rolan Micallef Attard & YesItMatters.comYesItMatters.com

Documents

The Co-operatives Board and the Co-operative's Auditor