Are there any specific requirements or guidelines for conducting an audit of a co-operative society's accounts?
Yes, there are specific requirements and guidelines for conducting an audit of a co-operative society's accounts. The Legislature of a State shall, by law, lay down the minimum qualifications and experience of auditors and auditing firms that shall be eligible for auditing accounts of the co-operative societies (clause 2). Furthermore, every co-operative society shall cause to be audited by an auditor or auditing firms referred to in clause (2) appointed by the general body of the co-operative society, with such auditors or auditing firms being appointed from a panel approved by a State Government or an authority authorised by the State Government (clause 3). The accounts of every co-operative society shall be audited within six months of the close of the financial year to which such accounts relate (clause 4).