Developing a regulatory framework for the financial, management performance and social reporting systems for co-operatives in developing countries : a case study of South Africa

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.