Section 87(1) in Mizoram Cooperative Societies Act, 2006
(1)Every auditor shall:(a)have right of access at all times to the books, accounts vouchers and all other related documents of a co-operative;(b)be entitled to require from officers or other employees of a such information and explanations found necessary for the performance of his duties as an auditor;(c)have right to enquire as to whether:(i)the loans and advances made by a co-operative on the basis of security have been properly secured;(ii)the terms on which such loans and advanced have been made are not prejudicial to the interest of the co-operative or its members;(iii)the transactions of co-operative which are represented merely by book entries are not prejudicial to the interests of co-operative;(iv)personal expenses have been charged t revenue account;(v)cash has actually been received or no in respect of share allotment made on cash wherever indicated;(vi)the position stated in the books of accounts and balance- sheet is correct, regular and not misleading in the event of cash mentioned under previous sub clause has actually not been received;(d)in his report also state as to whether:(i)he has obtained all the information and explanations which in his opinion, were necessary for the purpose of carrying out audit;(ii)proper books of account have been kept by the co-operative for his examination and proper returns adequate for the purposes of his audit have been received from branches. units or offices of the co-operative not visited by him;(iii)the balance sheet and profit and loss account of co-operative dealt with by the report are in agreement with the books of accounts and returns;(e)also undertake examination or verification of following items such as-:(i)overdue of debts, if any;(ii)cash balance and securities and a valuation of assets and liabilities:(iii)whether loans and advances made by co-operative have been shown as deposits;(iv)whether the co-operative has proper utilized financial assistance granted by government, government undertaking or financial institutions for the purpose for which such assistance were actually granted:(v)whether the co-operative is properly carrying out its objects, purpose and obligations towards members;(f)indicate every deviation observed in actual expenditure and income vis-a-vis the estimated expenditure and income indicated in the approved budget;(g)specify the gross remuneration or honorarium or allowances. or any other payment made, if any, to the chief executive, officer bearers, directors and others during the financial year under audit;(h)state whether or not any of the office bearers or directors had become ineligible, at any time during the financial year under review to continue in the office as an office bearer or director, as the case may be;(i)state whether the decisions on disposal of surplus or assessment of deficit by the general body at its previous annual general meeting were implemented completely or not.
