Authors: Phil Kenkel, Oklahoma State University, firstname.lastname@example.org, and Bill Fitzwater,
Oklahoma State University
A copy of the auditor’s opinion is usually included in the annual report of the cooperative. This report should be distributed to members either before or at the annual meeting. Since the cooperative is a member-owned business, the members have a right to this type of information.
If the auditor’s opinion is less than unqualified, the board may need to take some action. In the case of a qualified opinion, the action may be limited to a minor adjustment or to better documentation. For a disclaimer of opinion or an adverse opinion, some considerable adjustments to the record-keeping system of the cooperative are likely necessary. The auditor may be able to help with needed changes or recommend an accountant to do so.