Nature of Audit

The audit shall include-

1. (i) a verification of the cash balance and security;
2. (ii) a verification of the balance at the credit of the depositors and creditors and of the amounts due from the debtors of the co-operative society;
3. (iii) an examination of overdue debts, if any;
4. (iv) the valuation of the assets including stock verifications, and liabilities of the co-operative society;
5. (v) an examination of the statement of accounts and balance sheets to be prepared by the managing body of the co-operative society in such forms as may be prescribed;
6. (vi) an examination of the utilization of Government financial assistance;
7. (vii) a certification of the realized profit; and
8. (viii) any other relevant matter.