wightman.ca

AUDIT ISSUES
AFFECTING US!
Cheryl Russwurm
Provincial Supervisor
519-367-5590
[email protected]
Location of 18 Co-ops in Ontario
2012 IN REVIEW
• 18 Feeder Co-ops
• 695 active members
• Total loans advanced
$ 88,957,951
“AUDITS”
ACT – section 123
Exemptions
1. - Never issued securities
- < $5,000 capital/assets
“AUDITS”
2. - < 51 members
- < $500,000
- no govt grant or subsidy
stating audit
“AUDITS”
Exemptions
MEMBERS HAVE TO
APPROVE
“What can we do?”
 Talk to On Co-op
Have govt/regn committee
 Do other Co-ops have
same issue
 Grassroots gave our
provincial body direction
to reduce audit costs
“What can we do?.....”
 Meet with MPPs
 Continue to talk to On
Co-op
 Gather data
 Provide rationale
Needs to be ….
For benefit of all co-ops
Member’s still authorize
exemption
Need to be ….
• Proactive
• Realistic
• Logical
WHAT IS NEXT?
Need to hear from you ….
• On Co-op has FSCO’s ear
• [email protected]