3.2.10 Audits and auditors
All societies are required to have a rule stating their obligation to appoint an auditor in accordance with the relevant Act. Societies can, if their rules permit it, pass a resolution at their AGM exempting them from a full professional audit, if their turnover and assets are below a prescribed level (see Section 3.6). Part 7 of the Co-operative and Community Benefit Societies Act 2014 sets out the account, audit and annual returns requirements of societies. Some societies also have additional rules stating their statutory obligation to make annual returns to the FCA.