Kathmandu. Kathmandu: An interaction between The Institute of Chartered Accountants of Nepal and the National Cooperative Regulatory Authority has concluded. According to the provisions of the Cooperative Act 2074 BS, a roster was prepared in coordination with the Nepal Chartered Accountants’ Association for the regulation and supervision of cooperatives and the implementation of the provision regarding the implementation of the provisions related to the prudential audit of the cooperatives doing the main business of savings and loans and the cooperation between the two regulatory bodies.
Various aspects of regulation, monitoring, audit, information exchange and collaboration in the cooperative sector were discussed in detail during the programme. On behalf of the organization, chairman Nil Bahadur Saru Magar, vice-president Ananda Raj Sharma Wagle, councilor members, executive director and director were present on the occasion. On behalf of the AUTHORITY, Chairman Dr. Khagaraj Sharma, Expert Member. Ramesh Chaulagain, Member CA Mahesh Khanal and Executive Director Shesh Narayan Poudel were present on the occasion.
On the occasion, nea chairmen and members expressed the view that the cooperation of the organization was essential in its performance as it was recently established and the area of relationship and coordination between the organization and the AUTHORITY was clearly specified.
More than 20,000 savings and credit cooperatives come under the jurisdiction of the NRA and it is imperative to ensure their effective supervision, monitoring and protection of the savings of the members. They sought support from The Nepal Chartered Accountants Association in preparing a roster for conducting a prudential audit, fixing the fees in this regard and implementing the Nepal Financial Reporting Standard in the cooperative sector.
President of The Institute of Chartered Accountants of Nepal (ICAN), CA Nil Bahadur Saru Magar, opined that iCAN and NEA could cooperate and coordinate on human resource development, exchange of knowledge and skills, technical and other issues to implement the provisions of the Cooperative Act.
On behalf of the organization, ICAN can encourage the members to do a prudential audit of savings and credit cooperatives by including them in the roster, which will address the question of human resources and technical capabilities of the AUTHORITY, some issues in the Cooperative Act should be amended, although there are many bodies regulating cooperatives, effective supervision and regulation have not been done.
In the end, an agreement has been reached between the Nepal Chartered Accountants Association and the National Cooperative Regulatory Authority in the near future, to conduct a prudential audit of the co-operative institutions by the members÷ of the society and to form a separate special mechanism÷stering committee for mutual cooperation, cooperation and coordination.
