Within consumer cooperative organizations, the Censor Board plays a key role in overseeing and monitoring financial and legal compliance, ensuring transparency and the protection of members' interests. This body is established in accordance with the statutory provisions of each cooperative and contributes fundamentally to maintaining accountability and integrity.

Formation and Election of Auditors

     Auditors are elected from among the cooperative members by the supreme governing body of the consumer cooperative organization—typically, the General Assembly. Their selection strengthens the internal control mechanisms of the cooperative, grounded in democratic principles and collective responsibility.

Responsibilities and Rights

    The Auditing Commission has clearly defined responsibilities, set forth by both legal provisions and the cooperative's statutes. It also enjoys the necessary rights to carry out its duties effectively:

• Monitoring compliance with the law and the cooperative’s internal regulations by its governing bodies;
• Requesting the convening of ordinary or extraordinary meetings of the cooperative’s governing bodies, when such meetings have not been duly called;
• Actively participating in the governing meetings and expressing its position;
• Proposing items to be included on the meeting agenda in order to address essential issues affecting the cooperative.

Duties and Obligations

    In addition to its rights, the Censor Board is also entrusted with a number of essential obligations:

• Supervising and verifying the overall financial and administrative management of the cooperative;
• Monitoring the maintenance of accounting records and the preparation of financial statements in accordance with legal requirements;
• Assessing the cooperative’s assets in line with accounting and valuation rules;
• Preparing a detailed report summarizing the findings of their audit and making recommendations regarding the financial statements and profit distribution.

     It is important to note that no financial statement, profit and loss account, or decision to transfer property can be approved by the cooperative's leadership without the prior conclusions of the Censor Board.

 

     Through its work, the Censor Board plays a vital role in ensuring financial discipline, preventing irregularities, and strengthening trust among cooperative members in the organization's management. It is a true guarantor of transparency, responsibility, and legality within the cooperative system.