The query is regarding statutory audit of a co-operative housing society limited. The stat audit is conducted of the society and the financial statements have been approved in the AGM of the society. The auditor has given a true and fair view to the financial statements. After this can a shareholder of the society raise a doubt on the view expressed by auditor by directly communicating to him?
12 April 2012
audited accounts of cooperative society are placed before AGM . the mmebers approve the audited accounts . if any member has any query on audited account he has to raise the issue in AGM or he can prior to AGM in writing request the secretary to clarify doubts on audited accounts in the AGM
27 August 2014
IRRESPECTIVE OF ANYTHING (subject to Maharashtra)
1. ANY member of any Society may make an application u/s 81(6) of the Maharashtra Cooperative Societies Act), for RE-AUDIT of the Society accounts thru a Govt. Coop. Auditor, for any period for the last 10 accounting years. This is irrespective of whether the accounts of the Society has been audited by a qualified Chartered Accountant or a Coop. Panel Auditor.
2. The above parameter is legally applicable IRRESPECTIVE OF THE FACT that "The stat audit is conducted of the society and the financial statements have been approved in the AGM of the society. The auditor has given a true and fair view to the financial statements".
3. It is a well known fact that most Coop. Panel Auditors are just 12 standard pass and do not possess appropriate acumen for Audit.
4. It is also a well known fact that most Coop. societies, fudge their accounts and away with it in the AGM, due to the apathy /fear of the General Body members.
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