Abstract:
PURPOSE : This report is on a team effort to advise the Department of Trade and Industry on the
development of a regulatory framework for the auditing of Financial, Management.
Performance and Social Reporting Systems for co-operatives.
ORIENTATION : There was no framework in place prescribing requirements for reporting on
financial, management and social performance of co-operatives. As a result, the team assisted
the Department of Trade and Industry with the development of a proposed reporting framework
with reference to international best practices and existing financial reporting frameworks.
FINDINGS : The research performed showed that existing reporting frameworks and practices
do not meet the reporting requirements of co-operatives in all aspects because of the different
nature of co-operatives as opposed to shareholder-owned entities.
