Audit of Accounts.

The Chhattisgarh Co-operative Societies Act, 1960

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Statutory text

(1) Every co-operative society shall maintain books of accounts of its income, expenditure pertaining to the society's in the forms to be prescribed by the Registrar and shall present the profit and loss accounts for each co-operative year and the balance sheet as on the last day of the co-operative year.
(2) Every co-operative society shall submit its books of account and record of all transactions and pertaining to all affairs for the purpose of audit by an auditor or auditing firm to be authorized by General Body from a panel approved by the Registrar.
(3) The Registrar shall not include a person who is not a member of the institute of Chartered Accounted of India or auditing firm which is not dully authorized by the said institute to conduct such audit. Provided that in case of co-operative society with Government share holding or loan or financial assistance or any guarantee by the Government, the Registrar may include the auditor in the panel.
(4) Every society shall get its accounts audited by a Auditors or group of Auditors authorized by Registrar in that behalf once at least every financial year and shall pay such fees for auditing as may be prescribed by the registrar in this regard: Provided that-
- (i) the State Government may, by notification, for reasons to be specified therein exempt any class of societies to pay such fees:
- (ii) the Registrar shall lay down the minimum qualification and experience of such Auditor of auditing firms referred to in sub-section (1):
- (iii) the accounts of every society shall be audited within six months of the close of the financial year to which such accounts relate and the accounts of the societies shall be maintained by the societies concerned in such a manner as may be prescribed by the Registrar in this regard:
- (iv) the Auditors, to conduct the audit or the accounts of the society referred to in sub-section (1) shall be appointed by the general body of the society concerned amongst the panel of Auditor or auditing firms approved by the Registrar in this behalf: Provided further that if there is a complaint of financial irregularities or embezzlement after the completion or issuance of the audit report, the Registrar may order special audit for the purpose.
(5) The audit under sub-section (4) shall include examination of the accounts and the overdue debts, if any, compliance of the instructions and orders of the Registrar issued under this Act, rules made thereunder and bylaws or the society, the verification of cash balance and securities and valuation of the assets and liabilities or the societies and such other items as may be specified by the Registrar.
(6) The Auditors or Auditing firms 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 any place at the headquarters or the society or any branch thereof.
(7) Every person who is or has at any time been, an officer or employee of the society and every member and past member of a society shall furnish such information in regard to the transactions and working of the society as the Auditors or Auditing firms may require: Provided that the audit report of accounts of an Apex Society shall be laid before the State legislature in such a manner as may be prescribed by the State Government.

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