The National Cooperative Union of India (NCUI) recently organized a high-impact webinar titled “Strengthening Audit Framework for Cooperative Societies,” bringing together over 250 participants from across the country.
The attendees included senior officials from various State Registrar of Cooperative Societies (RCS) offices, reflecting the growing importance of robust audit systems in the cooperative sector.
The session was inaugurated by Rajeev Sharma, Executive Director (Finance), who emphasized the need to reposition audits from a routine compliance exercise to a strategic tool for strengthening governance.
He highlighted that effective auditing plays a crucial role in ensuring transparency, enhancing accountability, and building trust within cooperative institutions. By adopting a more proactive and structured approach, audits can serve as a foundation for sustainable growth in the sector.
Delivering the keynote address, Anurag Dang, Deputy Director (Finance), introduced a comprehensive, clause-based audit framework designed to address the evolving complexities of cooperative operations. His framework covered a wide spectrum of critical areas, including asset verification, inventory management, loan and deposit governance, fraud detection mechanisms, statutory compliance, cybersecurity preparedness, and maintenance of audit trails.
He stressed that modern audit practices must align with technological advancements and emerging risks to remain effective.
A key theme of the webinar was the shift from traditional checklist-based auditing to a more risk-oriented and outcome-driven approach. This transition enables auditors to move beyond mere procedural verification and focus on identifying potential vulnerabilities, irregularities, and systemic weaknesses. Such an approach not only strengthens institutional oversight but also supports better decision-making and long-term financial stability within cooperative societies.
Participants actively engaged in discussions, sharing challenges and best practices from their respective regions. The strong turnout and participation underscored a growing demand for standardized, transparent, and efficient audit practices across the cooperative ecosystem. It also highlighted the need for continuous learning and adaptation in response to evolving regulatory and operational landscapes.
In conclusion, NCUI reaffirmed its commitment to enhancing capacity-building initiatives aimed at improving audit quality and governance standards in the cooperative sector.
By promoting structured frameworks, encouraging knowledge sharing, and fostering a culture of accountability, NCUI aims to strengthen financial discipline and ensure the long-term resilience of cooperative institutions across India.