Amendment status not verified — confirm the current text below against the official source.
Substitution of Section - 33 of the Act VI, 1935.— Section - 33 of the said Act shall be substituted by the following, namely:- “33 Audit.- (1) A Co-operative Society shall get its accounts audited by Auditor from a panel approved by State Government or the authority authorized by the State Government, at least once in every financial year. Such Auditor shall either be Chartered Accountants within the meaning of the Chartered Accountants Act, 1949 or Auditors from the office of the Registrar. (2) The minimum educational qualification of the Auditors from a panel approved by State Government or an authority authorized by the State Government shall be Graduate (with Mathematics) or commerce Graduate from any recognised d University. Such Auditor or Chartered Accountants firm shall be required to have at least three years of audit experience. Only such Auditor or Chartered Accountants firm shall be eligible for the audit of the accounts of Co-operative Society. 15 बहार गजट (असाधारण), 22 मई 2013 (3) The audit of the accounts of every Co-operative Society shall be done by the Auditor or Chartered Accountant firm, specified under sub-section (2), appointed by the General Body of Co-operative Society. (4) It shall be mandatory to audit the accounts of every Co-operative Society within six months of the end of the financial year to which accounts is related to. (5) Apex Co-operative Society, with the approval of General Body, shall compulsorily submit the Audit Report, after the audit of its statement of accounts, to the Registrar within thirty days which shall be placed before the State Legislature in accordance with the procedure laid down for this purpose by the State Government. (6) The Auditor’s Report in addition to the report on the accounts of the Co-operative Society shall also contain report on the attendance at Board meeting, by Directors, the loans and advances sanctioned to or the business done with the Co-operative Society by the Directors, expenditure on Board Meetings, remuneration paid to Directors, expenditure reimbursed to Directors, expenditure on education and training for members, staff, Directors and others. (7) It shall be the duty of the Board to ensure that annual financial statements are prepared and presented for audit within forty-five days of closure of the financial year. (8) The remuneration of an Auditor shall be fixed by the General Body; Provided that if audit is done by the Auditor of the office of Registrar, the Co-operative Society shall pay the audit fee fixed by the Registrar. (9) The General Body may, at a special meeting, remove an Auditor from office by a resolution passed by a majority of the members present and voting. (10) Upon the demand of the Auditor of a Co-operative Society the present or former Office-bearers, Board members or employees of the Co-operative Society shall furnish- (a) such information and explanation, as may be considered necessary, and (b) each of the record, documents, books, accounts and vouchers of the Co-operative Society as are, in the opinion of the Auditor, necessary to enable him to make the examination and report. (11) Where a Co-operative Society fails to get its Annual Accounts audited when due, Registrar shall get the accounts of the Co-operative Society audited within a period of ninety days from the date when the audit was due. (12) The cost of conducting such audit shall be borne by the Co-operative Society.”