Reporting requirements |
Annual reports
One of the most important tasks for your cooperative every year is submitting the annual report to us.
The cooperative must submit an annual report within 28 days of the annual general meeting by completing Cooperatives Form 9 - Lodging an annual report to registrar.
To make sure you fill it in correctly and lodge it on time, we recommend you give responsibility for this task to one officer such as the secretary.
The annual report consists of:
- cooperative details
- address details
- a declaration signed by a cooperative officer
- annexure A, which lists the details of the secretary, directors and principal executive officers
- annexure B, which lists people who no longer hold the positions of secretary, director and principal executive officer
- a financial report including the:
- year´s financial statements, such as statements of financial performance, financial position and cash flows and notes to the financial statements
- directors´ declaration about the above statements and notes, made in accordance with a resolution of directors specifying the date on which the declaration is made
- an audited financial report for any of the cooperative´s subsidiaries
- a copy of any reports by the cooperative´s auditor
- a copy of the directors´ report.
Annual general meetings
The cooperative must hold its first annual general meeting (AGM) within 18 months of becoming incorporated. After that, a cooperative must hold AGMs within five months of the end of its financial year.
Annual reporting to members at the AGM
Cooperatives must report to members for the financial year by sending them copies of the:
- full financial report for the year or, where applicable, a concise report
- directors´ report for the year
- auditor´s report.
Send these documents to members with the notice of AGM.
Auditor requirements
To be appointed as the auditor of a cooperative, a person must be a:
- registered company auditor
- person approved by the registrar.
Changing an auditor
To remove an auditor
If a cooperative wants to replace its auditor, it must give notice that it wishes to pass a resolution to remove the auditor at least two months before the general meeting.
It must give the auditor and us a copy of Cooperatives Form 7 - Application or request to registrar (PDF, 429 KB).
The removal resolution must be an ordinary resolution at a general meeting, and 21 days notice of the meeting must be given to the auditor and members.
You must give the members and the existing auditor notice of your nomination of a new auditor at least seven days before the meeting, or when you give notice of the meeting.
When you remove the auditor, you are required to lodge a Form 24 - Notification of resignation, removal or cessation of auditor within 14 days of removal from office. The form can be obtained by contacting us.
If an auditor resigns
If an auditor wishes to resign, they can seek consent fromus by submitting Cooperatives Form 25 - Application for consent to resign as auditor (PDF, 124 KB).
Only the auditor can apply, and the resignation can only take effect once:
- the auditor applies to us in writing
- the auditor notifies the cooperative that they have applied to resign
- we grant consent.
If we do not approve the resignation application, the person will continue to hold office as the cooperative´s auditor.
Last reviewed 25/03/2013 |
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