Article 17-1. Production Cooperative Audit of the Production Cooperative Act

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1. In order to verify and confirm the correctness of the annual financial statements of a production cooperative, as well as the current state of its affairs, the cooperative has the right, in cases and in accordance with the procedure defined in its charter, to involve an audit organization that is not related by property interests to the cooperative, members of its executive, supervisory and other bodies, or members of the cooperative.

2. Legislative acts may establish the mandatory audit of annual financial statements for production cooperatives engaged in certain types of entrepreneurial activities.

3. An audit of the financial activities of a production cooperative may be carried out at the request of the supervisory board, the audit commission (auditor), as well as at least ten percent of the cooperative's members. In the latter case, the audit organization's services are paid for by the cooperative members who requested such an audit.

4. If the executive body of a production cooperative avoids conducting an audit of the financial statements of the cooperative, when an audit is required or when a member of the production cooperative requires it, an audit may be appointed by a court decision adopted at the request of an interested person or a member of the production cooperative.

The Law of the Republic of Kazakhstan dated October 5, 1995 N 2486.

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