Services Details

Co-operative societies function under the principles of mutual benefit and collective management and are governed by respective state Co-operative Societies Acts or the Multi-State Co-operative Societies Act, 2002. These societies are required to conduct a statutory audit of their books of accounts every financial year through a qualified and empanelled auditor.

Our firm conducts audits of various types of co-operative societies such as housing societies, credit co-operatives, consumer co-operatives, service co-operatives, and agricultural societies, in accordance with the rules prescribed by the Registrar of Co-operative Societies.

Scope of services includes:

• Audit of books of accounts including cash book, ledgers, journal vouchers, receipts, payments, and trial balance

• Verification of income and expenditure items and scrutiny of financial transactions

• Audit of share capital, member contributions, and statutory reserves

• Reconciliation of bank accounts, fixed deposits, loans, and investments

• Compliance review under the Co-operative Societies Act and society by-laws

• Checking of statutory registers, minutes of meetings, resolutions, and member records

• Verification of loans disbursed and recovered (for credit and agricultural co-operatives)

• Compliance with TDS, GST, and other tax-related obligations

• Preparation and submission of statutory Audit Report in Form N or applicable format

• Guidance on rectification of audit remarks and follow-up actions

• Audit classification (Class A/B/C/D) based on financial parameters and compliance standards

• Issuance of audit certificates required for regulatory or funding purposes

The audit helps ensure proper financial management, legal compliance, and governance standards in co-operative institutions, contributing to transparency and trust among members and regulators.