Nagrik SA Audit committee shall consist of three (3) Members elected at the annual general meeting. The term of office of each Member shall be three (3) years with the term of office of one (1) expiring each year.

The Audit committee  members are:

  • Mr Gaurang Tanna
  • Mr Himanshu Mehta
  • Mrs Mitali Parmar

Their rights and duties are to:

  • attest the financial statements which the treasurer and/or the manager is required to prepare each month.
  • assist the board of directors in its evaluation of the adequacy and efficiency of internal control systems, accounting practices, information systems and auditing processes within the Co- operative
  • examine a percentage of Member statements/ledger cards to verify the balances.
  • perform physical spot checks of cash to determine that the amount corresponds to the records.
  • meet at least quarterly and a majority of Members shall form a quorum at such meetings.
  • examine a random sample of loans made during the period under examination and satisfy themselves that loans are being made within the loans policy of the co-operative, that they were properly approved and that security documentation was in place before funds were advanced.
  • may recommend to the board the suspension of any officer, board or committee Member. The board shall call an extraordinary general meeting within 30 days thereafter to present a report and recommendation to the Members concerning such actions. Such action will be reported to the Regulator/Regulatory Body
  • receive and investigate any complaint or appeal by Members concerning the operations of the co-operative.
  • provide a report of each meeting and all actions taken to the next regular meeting of the board.

Any actions taken against any director or committee Member by the audit committee must be reported to the regulatory Board.