Audit

(1)Every society shall maintain accounts and records as provided under section 73 and such accounts shall be audited at least once in each financial year. (2)The Registrar shall, with prior approval of the Government, constitute a panel of auditors from among the departmental auditors, chartered accountants within the meaning of the Chartered Accountants Act, 1949 (Central Act 38 of 1949) and who are members of the Institute of Chartered Accountants of India, holding certificate of practice and having their registered address within the State of Goa, and certified auditors from amongst the retired officers of the Government, who are holding diploma in co-operation of a institute of repute or having working experience of atleast ten years in co-operative Audit. (3) Every society shall cause to be audited by an auditor referred in sub-section (2), appointed by the general body of the society: Provided that, no society shall appoint same auditor consecutively for more than two years. (4) The accounts of every society shall be audited within six months of the close of the financial year to which such accounts relate. Provided that if any society fails to get it’s account audited within the said period, the Registrar shall appoint an auditor from the panel of auditors constituted under sub-section (2). (5) The remuneration of all auditors from the panel of auditors and audit fees for those societies audited by the departmental auditors shall be fixed by the Registrar. (6) The auditor shall be given notice of every general meeting and he shall be entitled to attend the meeting (7) The audit report of the accounts of an apex society shall be laid before the State Legislature in such manner as may be prescribed. (8) If the Registrar finds it necessary or expedient to re-audit any or all accounts of the society, he may, by order, direct such re-audit and the provisions of this Act, applicable to audit of accounts of society, shall apply to such re-audit.