Audit of co-operative society accounts requires state-prescribed auditors, approved panels and timely annual audits with legislature-set qualifications. State law may require co-operative societies to maintain accounts and to have them audited at least annually; the Legislature must set minimum qualifications and experience for eligible auditors and firms. Each society must appoint, through its general body, an auditor or firm from a State-approved panel. Audits must be completed within six months after the financial year end, and audit reports of apex co-operative societies are to be laid before the State Legislature as provided by law.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Audit of co-operative society accounts requires state-prescribed auditors, approved panels and timely annual audits with legislature-set qualifications.
State law may require co-operative societies to maintain accounts and to have them audited at least annually; the Legislature must set minimum qualifications and experience for eligible auditors and firms. Each society must appoint, through its general body, an auditor or firm from a State-approved panel. Audits must be completed within six months after the financial year end, and audit reports of apex co-operative societies are to be laid before the State Legislature as provided by law.
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