wightman.ca
Transcription
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]