Section 49: Functions, duties and powers of Accounts Supervision Committee

1) The Functions, duties and powers of the Accounts Supervision Committee shall be as follows:-

(a) To conduct or cause to be conducted internal auditing of the Cooperative Organization in every quarter,

(b) To comply with or cause to be complied with the basic principles of auditing while conducting internal auditing,

(c) To inspect and evaluate and cause to be inspected or evaluated financial transactions,

(d) To have regular supervision of the actions and activities of the Board and to provide necessary suggestions to the Board,

(e) To monitor whether or not directives issued or decisions made by the General Meeting and decision of the Board have been implemented,

(f) To submit to the General Meeting accounts, report and annual report on supervision of the functions of the Board,

(g) To recommend the Board to call a meeting of the extraordinary General Meeting showing the reasons thereof that adverse impact is caused in the interests of any Cooperative Organization due to non-compliance of the recommendations made by it frequently; that there have been embezzlement or massive misuse of cash or kind assets of such organisation or in case the organisation is likely to undergo serious financial crises.

(h) To make recommendations of names of three persons to be appointed as internal auditors, if required.

2) The convener and members of the Accounts Supervision Committee shall not be involved in daily and administrative functions of the Cooperative Organization.