Audit

§64

Summary

(1) The Registrar, or any other person appointed by the state Government, shall audit or cause to be audited by a person authorized by him by general or special order in writing and possessing such qualifications as may be specified by the State Government in this behalf, accounts of every co-operative society, 1[within six months of the close of the financial year to which such accounts relate.] 2[Provided that the audit of a Co-operative Bank shall be conducted by the Chartered Accountants from the panel approved by the National Bank Chartered Accountants shall be appointed by the concerned bank from the approved panel. The fess of Chartered Accountants shall be determined and paid by the concerned bank. Explanation- For the appointment of Chartered Accountants the panel approved by the National Bank shall be accepted by the Committee of Management of the concerned bank and thereafter the Chartered Accountants shall be appointed by the Chief Executive Officer/secretary of the bank.]2 (2) The audit under sub-section (1) shall include an examination of overdue debts, if any, the verification of the cash balance and securities, and a valuation of the assets and liabilities of the society. (3) The Registrar, or any other person appointed by the State Government under sub-section (1) or any other person authorized by him or the Registrar, as the case may be, shall at all times, have access to all the books, accounts, documents, papers, securities, cash and other properties belonging to, or in the custody of, the society and may summon any person in possession of, or responsible for the custody of, any such books, accounts documents, papers, securities, cash or other properties, to produce the same at the headquarters of the society or branch thereof. (4) Every person who is or has at any time been an officer or employee of a society and every member and past-member of the society, shall furnish such information in regard to the transactions and working of the society as the Registrar or any other person appointed by the State Government under sub-section (1) or any person authorized by him or the Registrar, as the case may be, may require. 3[(5) Where the Reserve Bank requests for the special audit of a co-operative bank it shall be conducted and the report of such special audit shall be submitted to the Reserve Bank within the time stipulated in such request.] 4[(6) The audit report of accounts of every Apex Co-operative Society shall be laid before the State Legislature.]

(1) The Registrar, or any other person appointed by the state Government, shall audit or cause to be audited by a person authorized by him by general or special order in writing and possessing such qualifications as may be specified by the State Government in this behalf, accounts of every co-operative society, 1[within six months of the close of the financial year to which such accounts relate.] 2[Provided that the audit of a Co-operative Bank shall be conducted by the Chartered Accountants from the panel approved by the National Bank Chartered Accountants shall be appointed by the concerned bank from the approved panel. The fess of Chartered Accountants shall be determined and paid by the concerned bank. Explanation- For the appointment of Chartered Accountants the panel approved by the National Bank shall be accepted by the Committee of Management of the concerned bank and thereafter the Chartered Accountants shall be appointed by the Chief Executive Officer/secretary of the bank.]2 (2) The audit under sub-section (1) shall include an examination of overdue debts, if any, the verification of the cash balance and securities, and a valuation of the assets and liabilities of the society. (3) The Registrar, or any other person appointed by the State Government under sub-section (1) or any other person authorized by him or the Registrar, as the case may be, shall at all times, have access to all the books, accounts, documents, papers, securities, cash and other properties belonging to, or in the custody of, the society and may summon any person in possession of, or responsible for the custody of, any such books, accounts documents, papers, securities, cash or other properties, to produce the same at the headquarters of the society or branch thereof. (4) Every person who is or has at any time been an officer or employee of a society and every member and past-member of the society, shall furnish such information in regard to the transactions and working of the society as the Registrar or any other person appointed by the State Government under sub-section (1) or any person authorized by him or the Registrar, as the case may be, may require. 3[(5) Where the Reserve Bank requests for the special audit of a co-operative bank it shall be conducted and the report of such special audit shall be submitted to the Reserve Bank within the time stipulated in such request.] 4[(6) The audit report of accounts of every Apex Co-operative Society shall be laid before the State Legislature.]

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