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of <h1>Annual Audit Required for Multi-State Co-Operative Societies Under Section 70; Auditors Must Report Within Six Months</h1> Section 70 of the Multi-State Co-Operative Societies Act, 2002 mandates that every multi-State co-operative society must have its accounts audited annually by an appointed auditor. Auditors are appointed at the annual general meeting and must be from a panel approved by the Central Registrar, especially for societies with significant deposits or turnover. Auditors must accept their appointment in writing within 30 days and submit audit reports within six months of the financial year's end. The remuneration for auditors is set by the board, Central Registrar, or the society in a general meeting. The audit report for national co-operative societies is presented to Parliament.
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