Amendment status not verified — confirm the current text below against the official source.
Audit (1) A Cooperative Society shall get its accounts audited by an auditor selected from the panel prepared by federation. Such Auditor shall either be a Chartered Accountant within the meaning of the Chartered Accountants Act, 1949 or from the office of the Registrar. The panel shall also be maintained by the office of the Registrar. Where there is no union/federation such auditor shall be selected from the panel maintained by the Registrar. (2) The auditor's report in addition to the report on the accounts of the Cooperative Society shall also contain report on the attendance at meetings by directors, loans and advances sanctioned to or the business done with the Cooperative Society by the directors, expenditure of board meetings, remuneration paid to directors, expenses reimbursed to directors, expenditure on education and training for members, staff, directors and others. (3) 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. (4) The remuneration of an auditor may be fixed by the board and placed before the general body at its next meeting, for information. (5) The general body federation may at a special meeting remove an auditor from office by a resolution passed by a majority of the members present and voting. (6) The auditor shall be given notice of every general meeting and will be entitled to attend the meeting. (7) Upon the demand of the auditor of a Cooperative Society the present or former office-bearers, board member, members or employees of the Cooperative Society shall furnish (a) such information and explanation, as may be considered necessary, and (b) each of the records, documents, books, accounts and vouchers of the Cooperative Society as are, in the opinion of the auditor, necessary to enable him to make the examination and report. (8) Where a Cooperative Society fails to get its annual account audited when due, it shall be the responsibility of the Cooperative Union/Federation to get the accounts of the Cooperative Society audited within a period of ninety days from the date when the audit was due. (9) The cost of conducting such audit shall be borne by the Cooperative Society. (1 O)lf the Cooperative Union/Federation is unable to get the audit of the Cooperative Society conducted for any reason, the Registrar shall get the accounts of the Cooperative Society audited. 24/42