Co-operative societies in Maharashtra must have their accounts audited every year by an auditor on the panel approved by the State Government. Cost Accountants are among the professionals eligible for empanelment, and certain State Acts also provide for special, cost and performance audits of societies.
Scope of service
- Annual statutory audit of accounts
- Audit classification and audit memo
- Review of compliance with the Act, Rules and bye-laws
- Special audit where ordered by the Registrar
- Cost and performance audit of processing societies, such as sugar and dairy co-operatives
Regulatory framework
- Maharashtra Co-operative Societies Act, 1960 — section 81 (audit)
- Maharashtra Co-operative Societies Rules, 1961
- Panel of auditors maintained under the Act
Typical professional activities
- Audit planning and verification of books
- Review of loans, deposits and recoveries
- Audit report in the prescribed format with classification
- Rectification report follow-up
Applicable industries
Relevant articles and resources
Frequently asked questions
Who can audit a co-operative society in Maharashtra?
Under section 81 of the Maharashtra Co-operative Societies Act, 1960, a society's accounts are audited by an auditor from the panel approved by the State Government. Cost Accountants are among the professionals eligible for the panel.
How often must a co-operative society be audited?
At least once in each financial year. The audit report is submitted to the society and to the Registrar within the time limits set under the Act.
Is the proprietor on the Maharashtra co-operative audit panel?
Yes. CMA Pravin B. Mahadik is on the panel of auditors under the Maharashtra Co-operative Societies Act, 1960.
The information on this page describes the nature of the service. It is not advice on any specific matter. See the disclaimer.