Audit committee
An audit committee is a committee the board must establish to review financial information and accounting reports and ensure an independent review of the cooperative's finances and audit.
The board must establish an audit committee, whose members the directors elect, to review the cooperative's financial information and accounting report. Financial information must be audited for presentation to members unless the bylaws permit unaudited statements that clearly identify themselves as unaudited and explain the difference from audited statements prepared according to generally accepted accounting procedures. The committee must still ensure an independent review of the cooperative's finances and audit; permitting unaudited statements does not remove that duty § 308B.445 P1.
Statute sections referenced
- § 308B.445 AUDIT COMMITTEE.
Related
Sources
- P1 Minnesota Statutes, Chapter 308B (Cooperative Associations), Office of the Revisor of Statutes, State of Minnesota. revisor.mn.gov (primary; accessed October 15, 2026)