Section 81(2) in The Maharashtra Co-Operative Societies Act, 1960
(2)The audit under sub-section (1) shall [be carried out as per Auditing Standards notified by the State Government from time to time and shall also] [These words were inserted by Maharashtra Act No. 16 of 2013 dated 13-8-2013, Section 50(b), (w.e.f. 14-2-2013).] include examination or verification of the following items, namely(i)overdues of debts, if any;(ii)cash balance and securities and a valuation of the assets and liabilities of the society;(iii)whether loan and advances and debts made by the society on the basis of security have been properly secured and the terms on which such loans and advances are made or debts are incurred are not prejudicial to the interest of the society and its members;(iv)whether transactions of the society which are represented merely by book entries are not prejudicial to the interest of the society ;(v)whether loans and advances made by the society have been shown as deposits;(vi)whether personal expenses have been charged to revenue account;(vii)whether the society has incurred any expenditure in furtherance of its objects;(viii)whether the society has properly utilised the financial assistance granted by Government or Government undertakings or financial institutions, for the purpose for which such assistance was granted;(ix)whether the society is properly carrying-out its objects and obligations towards members.
