The Audit Committee (AudiCom) shall be composed of three (3) members to be elected during a General Assembly meeting and shall hold office for a term of one (1) year or until their successors shall have been elected and qualifies.
- Audit the performance of cooperative and its various responsibility centers;
- Monitor the adequate and effective of the effectiveness of the cooperative’s management and internal control system;
- Review continuously and periodically the books of account, financial reports, and policies governing internal control, accounting and risk management to ensure that these are in accordance with the cooperative principles and generally accep[ted accounting procedures.
- Review the internal audit report of the cooperative.
- Follow up actions on the internal and external audit recommendations;
- Discuss the result of the internal audit with the BOD;\
- Submit reports on the result of the internal audit and recommend necessary changes on policies and other related matters on operations to the GA;
- Review, approve or amend the report and recommendation of this Ethics Committee involving violations of the code of governance and ethical standards if the remaining members of the BOD fail lto act on said report and recommendation within a period of thirty (30) days, or the violations id committed by the majority of the BOD; and
- Perform such other functions as be prescribed in the By-laws or authorized by the GA.
Palayan City Employees Cooperative was established in March 1993. The cooperative had 53 initial members coming from the local government of Palayan City. It had implemented short term loans for its members to increase its capital. Moreover, the cooperative put up a variety store to intensify its revenue. Similarly, the cooperative was able to construct its own canteen located at Palayan City Hall compound due to the growth of its capital. The cooperative managed to attract 308 employees in 2003 because of its continuous achievements and robust organization.
Today, the cooperative firmly believes that it is their oath to safeguard the interest of its members. Likewise, it is their obligation to extended their assistance to the community.
The cooperative these days offer 3 kinds of services; rental of function hall, canteen & catering services and grocery.
Its function hall entices authorities and experts. Its professional ambiance lures potential customers. Furthermore, sumptuous food of the cooperative seduces clients. As a result, more customers avail of this type of service. Likewise, the cooperative’s grocery offers a variety of goods and basic commodities.
The cooperative is always open for everyone. Besides, it is our intention to provide you the greatest pleasure you deserve. Please, do not hesitate in contacting us. Furthermore, you are all welcome in the cooperative.