Amendment status not verified — confirm the current text below against the official source.
(1) The audit officer shall, by such date as may be prescribed, submit to the co-operative society and to the Registrar, together with the statement of accounts audited, an audit report including a statement of— (a) every transaction which appears to him to be contrary to law or to the rules or by-laws; (b) every sum which ought to have been but has not been brought into account; (c) the amount of any deficiency or loss which appears to have resulted from any negligence or misconduct or to require further investigation; (d) any money or property belonging to the society which appears to have been misappropriated or fraudulently retained by any person; (e) any of the assets which appears to him to be bad or doubtful; and (f) any other matter prescribed. (2) A co-operative society shall be afforded by the Registrar an opportunity of explaining any defects or irregularities pointed out by the audit officer, and thereafter the society shall, within such time and in such manner as the Registrar may direct, remedy such defects and irregularities and report to the Registrar the action taken by it thereon.