262Questions by members of auditors at annual general meeting

262 Questions by members of auditors at annual general meeting

262 Questions by members of auditors at annual general meeting

(cf Corporations Act s 250T)

(1) If a co-operative’s auditor or their representative is at the meeting, the chairperson of an annual general meeting of the co-operative must—

(a) allow a reasonable opportunity for the members as a whole at the meeting to ask the auditor or the auditor’s representative questions relevant to—

(i) the conduct of the audit; and

(ii) the preparation and content of the auditor’s report; and

(iii) the accounting policies adopted by the co-operative in relation to the preparation of the financial statements; and

(iv) the independence of the auditor in relation to the conduct of the audit; and

(b) allow a reasonable opportunity for the auditor or their representative to answer written questions submitted to the auditor.

Maximum penalty—$500.

(2) An offence based on subsection (1) is an offence of strict liability.

(3) If—

(a) the co-operative’s auditor or their representative is at the meeting; and

(b) the auditor has prepared a written answer to a written question submitted to the auditor;

the chairperson of the annual general meeting may permit the auditor or their representative to table the written answer to the written question.

(4) The co-operative must make the written answer tabled under subsection (3) reasonably available to members as soon as practicable after the annual general meeting.

Maximum penalty (for subsection (4)): $500.