The Union Ministry of Cooperation released an order to all the Multi State Cooperative Societies for carrying out the concurrent audit by an auditor appointed from a panel of auditors approved by the Central Registrar of Cooperative Societies.
The order was released on Tuesday with a title, “Concurrent Audit as per Multi-State Cooperative Societies (Amendment) Act, 2023”.
It reads, “The Multi-State Cooperative Societies (MSCS) (Amendment) Act, 2023 has been notified vide gazette notification dated 03.08.2023 and the MSCS Amendment Rules, 2023 have been notified vide gazette notification dated 04.08.2023”.
“Section 70A of MSCS (Amendment) Act, 2023 states that in case of multi-State co-operative societies, -having an annual turnover more than the amount as determined by the Central Government; or having deposit of more than the amount as determined by the Central Government, the concurrent audit shall be carried out by an auditor appointed from a panel of auditors approved by the Central Registrar”, the order copy added.
It further reads that, accordingly, it is directed that in case of multi-State co-operative societies having an annual turnover/ deposit (as the case may be) of more than Rs 500 crores (rupees five hundred crores), the concurrent audit shall be carried out by an auditor appointed from a panel of auditors approved by the Central Registrar.