Amendment status not verified — confirm the current text below against the official source.
Audit :- (1) The accounts of co-operative societies shall be audited at least once in each year within a period of six months (1) Substituted by Punjab Act No. 14 of 2014 i of the close of the financial year to which such accounts relate. (1-A) The accounts of co-operative societies shall be audited by an auditor or auditing firm approved by the general body of the co-operative society from out of the panel of auditors or auditing firms approved by the Government or by an authority authorized by the Government in this behalf. The qualifications and experience of the auditors or auditing firms shall be such, as may be prescribed.] (2) The audit under sub-section (1) shall include an examination of over-due debts, if any, the verification of the cash balance and securities, and a valuation of the assets and liabilities of the society. (3) The ‘[auditor or the auditing firm] auditing the accounts of a co-operative society shall have free access to the books, accounts, papers, vouchers, stock and other property of such society and shall be allowed to verify its cash balance and securities. (4) The directors, managers, administrators and other officers of the society shall furnish to the 2[auditor or the auditing firm] auditing the accounts of a co-operative society all such information as to its transactions and working as such person may require. (5) 3[auditor or the auditing firm authorised] under sub-section (1) to audit the accounts of a co-operative society shall have power where necessary - (a) to summon at the time of his audit any officer, agent, servant or member of the society, past or present, who he has reason to believe can give valuable information (1&2) Substituted by Punjab Act No. 14 of 2014 exal (3) Substituted by Punjab Act No. 14 of 2014 in regard to transactions of the society or the management of its affairs; and (b) to require the production of any book or document relating to the affairs of, or any cash or securities belonging to the society by officer, agent, servant, or member in possession of such books, documents, cash or securities and in the event of serious irregularities discovered during audit, to take them into custody. (6) If at the time of audit, the accounts of a society are not complete, the “[auditor or the auditing firm authorised under sub-section (1-A)] to audit, may cause the account to be written up at the expense of the society. ?[(6-A) The audit report of the accounts of an apex co-operative society shall be laid before the State Legislature. (6-B) Audit report shall be submitted by the auditor or the auditing firm, as the case may be, to the co-operative society and a copy thereof shall be submitted to the Registrar.; and] (7) Audit fee, if any due from any co-operative society shall be recoverable in the same manner as is provided in section 67. 3[(8) If the Registrar, suo-moto, or on the application of not less than ten members of a co-operative society finds that it is necessary or expedient to conduct special audit of the accounts of a co-operative society, he may by an order, provide for such special audit and the provisions of this Act, and the rules applicable to the audit shall also apply to such special audit: Provided that such special audit shall be ordered only when there is a prima-facie case of fraud or misappropriation or embezzlement of funds.] (1) Substituted by Act 14 of 2014 [ae (2&3) Added by Act 14 of 2014 SECTION - 49 49, Inspection of societies :- The Registrar, or any person authorised by general or special order in this behalf by the Registrar, may inspect a co-operative society. For the purpose of inspection, the Registrar or the person so authorised by the Registrar shall at all times have access to all books, accounts, papers, vouchers, securities, stock and other property of the society and may, in the event of serious irregularities discovered during inspection, take them into custody and shall have power to verify the cash balance of the society and, subject to the general or special order of the Registrar, to call a committee and a general meeting. Every officer or member of the society shall furnish such information with regard to the working of the society as the Registrar or the person making such inspection may require. SECTION - 50