Audit

(1) Every co-operative society shall cause to be audited its accounts by an auditor, within six months from the close of a co-operative year to which the accounts relate. (2) The accounts of a co-operative society shall be audited by an auditor approved in the general meeting of the society from the panel of auditors notified by the Government in this behalf. The qualifications, experience, manner of preparation of the panel of auditors and authorization thereof; and audit fee or remuneration to be paid by the society alongwith the manner of making payment shall be such, as may be prescribed. (3) If at the time of audit, the accounts of a society are not complete, the auditor authorized under sub-section (2) may cause the accounts to be written up at the expense of the society. (4) The audit fee or the remuneration, if any, due from any society or the expenses incurred in writing up the accounts of a society shall be recoverable in the manner as provided in section 90. (5) Where a co-operative society fails to get its annual accounts (6) Where the Registrar is of the opinion that the affairs of any society aided as per the provisions of section 48, are not being managed in accordance with the cooperative principles or prudent commercial practices or the provisions of this Act, the rules or the bye-laws, 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 the Registrar, if satisfied, may order special audit of a society not being aided as per the provisions of section 48, if a request to this effect is made by atleast one-forth members of the society.