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Co-Operative Societies Act 2008


139. Error or misstatement

1.     A director or an officer of a society shall forthwith notify the society’s auditor of any error or mis-statement of which the director or officer becomes aware in a financial statement that the auditor or former auditor has reported upon.

2.     When the auditor or a former auditor of a society is notified or becomes aware of an error or mis-statement in a financial statement upon which he has reported to the society and in his opinion, the error or misstatement is material, he shall inform each director of the society accordingly.

3.     When under subsection (2) the auditor or a former auditor of a society informs the directors of an error or mis-statement in a financial statement of the society, the director shall—

a.     prepare and issue revised financial statements; or

b.    otherwise inform the members and the Registrar of the error or mis-statement.



Co-Operative Societies Act 2008 Back




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