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of <h1>New Co-op Act 2023: Auditors for Multi-State Societies Must Be Central Registrar-Approved, Reports Due in 6 Months</h1> The Multi-State Co-operative Societies (Amendment) Act, 2023 revises section 70 of the principal Act. It mandates that auditors for certain multi-state co-operative entities be selected from a Central Registrar-approved panel. For entities like multi-state co-operative banks and societies with significant deposits or turnover, auditors must also be from an approved panel. A new sub-section requires auditors to submit audit reports within six months after the financial year ends. Additionally, if an auditor's position becomes vacant due to resignation or death, the board must fill it from the original panel. The audit reports of national co-operative societies are to be presented to Parliament.
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