Section 58. Audit Report

The audit officer shall, within a week from the date of completion of audit, submit to the registered co-operative society, and to the Registrar, together with the statement of accounts audited, an audit report including a statement of -

(i) every transaction which appears to him to be contrary to law or to the rules or bye-laws;

(ii) every sum which ought to have been but has not been brought into account;

(iii) the amount of deficiency or loss which appears to have resulted from any negligence or misconduct or to require further investigation;

(iv) any money or property belonging to the co-operative society which appears to have been misappropriated or fraudulently retained by any person;

(v) any of the assets which appears to him to be bad or doubtful;

(vi) any irregularity in maintaining accounts;

(vii) whether the society is properly carrying out its objects and obligations towards its members;

(viii) whether sound business principles and prudent commercial practices are being followed;

(ix) application of prudential norms, etc; and

(x) any other relevant matter.