The government has reiterated that strict auditing provisions are in place to ensure transparency and accountability in Multi-State Cooperative Societies.
Replying to a question in the Rajya Sabha, Union Minister of Cooperation Amit Shah said that the Multi-State Co-operative Societies Act, 2002 mandates an annual statutory audit of every Multi-State Cooperative Society by a qualified chartered accountant.
The minister said the Act also provides for concurrent audit in societies with an annual turnover or deposits exceeding Rs 500 crore. Auditors are empowered under Sections 73 to 76 of the Act to access records, submit audit reports to the general body, and participate in general meetings.
