Functions and responsibilities of the Audit Committee:
1. Audit the performance of the cooperative and its various responsibility centers
2. Monitor the adequacy and effectiveness of the cooperative management and internal control system
3. Review continuously and periodically the books of account, financial records, and policies governing internal control, accounting and risk management to ensure that these are in accordance with the cooperative principles and generally accepted accounting procedures
4. Review the internal audit report of the cooperative
5. Follow up actions on the internal audit and recommendations
6. Discuss the result of the internal audit with the board of directors
7. Submit reports on the results of the internal audit and recommend necessary changes on policies and other related matters on operation to the general representative assembly
8. Review, approve or amend the report and recommendation of the ethics committee involving violations of the code of governance and ethical standards if the remaining members of the BOD fail to act on said report and recommendation within 30 days or the violation is committed by the majority of the BOD
9. Perform such other functions as may be prescribed in the by laws or authorized by the general assembly