Co-ops to get help with internal audit

GEORGE TOWN - More than 11,000 co-operatives nationwide can look forward to getting help with their internal audit process once Angkatan Koperasi Kebangsaan Malaysia Bhd (Angkasa) sets up an internal audit association for them.

According to Angkasa's Penang liaison committee chairman Shaik Ismail Md Allapichay, the move was intended to make co-operatives more transparent in terms of governance.

The Co-operatives Act 1993 (Act 502) requires each co-operative to have an internal audit committee consisting of anything from three to five members.

"Once this internal audit association has been set up, the co-operatives' internal audit members will most likely be inducted into the association," he told reporters at Angkasa's convention on governance at a hotel here on Sunday.

Shaik Ismail added that the three-day national convention was partly aimed at increasing understanding of a co-operative's internal audit, as well as disseminating various aspects related to corporate governance, among others.