7th Cooperative principle and social audit of cooperatives (Last of three part)

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Let us continue our presentation on the relationship of the 7th cooperative principle and the social audit report that needs to be submitted to the Cooperative Development Authority together with the other required reports we had presented earlier. Section 7. Preparation and Submission of the Required Reports. The Social Audit shall be submitted by the cooperative to the CDA not later than 120 days from the end of each Calendar Year. Failure to file the report on time shall subject the accountable officers to a fine/penalty of one hundred pesos (Php 100.00) per day of delay pursuant to Rule 8, Section 7 of the Implementing Rules and Regulations of Republic Act 9520.

The cooperative who failed to submit the report may also be subjected to a procedural process of cancellation or may be demanded to merge or consolidate with another cooperative operating in the same area of operation.

Section 8. Transitory Provision. The Social Audit Report shall be conducted by an Independent Social Auditor accredited by the Authority. In the initial year of submission of the Social Audit Report, the cooperative Internal Auditor or the Audit Committee shall conduct the Social Audit and shall prepare the report thereof. Thereafter, it shall be the audited by an Accredited Social Auditor.

Section 9. Effectivity. The Circular shall take effect fifteen days after publication with the Office of the National Administrative Registry (ONAR).

Signed Emmanuel M. Santiaguel, Ph.D. , Chairperson.

With the revision of Implementing Rules and Regulations of RA 9520 we encourage our readers to visit our CDA website: cda.gov.ph or our respective regional offices. As of this writing, we noticed that about 10 Memorandum Circulars were issued this year.

As we approach to end this successful year of cooperative operations, we would like to extend our profound gratitude to all cooperatives who submitted their reports. To cooperatives who submitted reports after the deadline and were meted penalties, we encourage that you submit your reports next year within the required period of 120 days after Calendar/Fiscal year. For those who failed to submit or completed their reports, kindly visit our regional office before the year ends.

In our next issue we shall discuss the new circular about Certificate of Compliance.

For comments, reactions email us at loteslaboyan@yahoo.com. We shall be glad to help you and become a part of our growing CDA and Herald Express family.

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