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In addition, there were both external auditors' reports the pressure from ASDCS and when weaknesses were identified, the co-operatives were notified, he said.
Every year, the Co-operative Companies' Audit Service included all these irregularities in its reports filed to the ASDCS and the respective minister of commerce, in charge of the co-op's affairs, before the latter forwarded them to the parliament's (commerce) committee, Philippou said.
The ASDCS was supervising co-operative societies until 2013 before the Central Bank of Cyprus assumed responsibility for the supervision of the sector.
Before signing the Memorandum of Understanding (MoU) co-ops were supervised by the Authority for the Supervision and Development for Cooperative Societies (ASDCS).
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- ASDF (sequence of letters)