Different items in balance sheet of a co-operative bank

It is a mind-breaking exercise and even RBI or statutory auditors are not even aware of the intricate things.  One has to join a course in such co-opeative banking and auditing for one or two years and after acquiring working knowledge can only throw light by writing a book.  Absolutely..True..It is the most neglected sector and it is the most exploited sector by local politicians.

What are the facts? What is the context?

Originally posted by : Soumya K. Sahoo
	How does Audit of a Co-operative Bank works? What are different items in their balance sheet and their relevance? What are the main regulations that cater to this sector? I have heard this Sector is not regulated much by institutions like RBI etc. Why so?

What is the dispute and your locus standi / concern?

Why should I take this exam ???

LCI Admin should have filtered and deleted this question paper.

As State Co-operative Banks & District Central Co-operative Banks have now been brought under the regulatory regime of NABARD and their audit is now being entrusted to Chartered Accountants, a need was felt to guide the members so that they are aware of the peculiarities of the business of Central Co-operative Banks and accordingly conduct the audit. Audit serves as review mechanism to ensure that the transactions/decisions are within the policy parameters laid down and are in compliance with the applicable circulars of NABARD and RBI.