Following the notification of the Multi-State Co-operative Societies (Auditor’s Report) Order, 2026 (MSCARO 2026) by the Ministry of Cooperation, Government of India, the Institute of Chartered Accountants of India (ICAI) will issue a guidance note for chartered accountants to facilitate the implementation of the new audit framework.
According to ICAI, the guidance note will provide auditors with a structured reference on key audit considerations, promote consistency in audit practices and strengthen compliance with statutory and regulatory requirements.
The new framework will be implemented in a phased manner.
Significantly, ICAI’s Cooperation and NPO Committee contributed its technical expertise to drafting, reviewing and developing the audit reporting framework for multi-state cooperative societies.
Describing the development as a landmark achievement, ICAI said the initiative reaffirms its commitment to the cooperative sector and the vision of ‘Sahakar se Samriddhi’.
