Section 17(2) of the Co-operative Societies Act, 1912 specifically requires the auditor to conduct an examination of the overdue debts, if any, and a valuation of the assets and liabilities of the society.

The auditor of a co-operative society is also required to point out various irregularities, improprieties, and departures from the provisions of the Act, rules framed thereunder, and the bye-laws of the society.

The following matters are to be considered for conducting audit of Co-operative Societies

  1. Examination of overdue debts
  2. Overdue Interest
  3. Certification of Bad Debts
  4. Valuation of Assets and Liabilities
  5. Adherence to Co-operative Principles
  6. Observations of the Provisions of the Act and Rules
  7. Verification of Members’ Register and examination of their passbooks
  8. Special report to the Registrar
  9. Audit classification of society

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