Section 62 in The Orissa Co-operative Societies Act, 1962
62. [ Audit. [Substituted by Orissa Act No. 28 of 1991, Section 30 (a) dated 31.12.1991, w.e.f. 25.5.1999.]
(1)(i)The Auditor-General shall audit, or cause to be audited by an Auditor duly authorised by him in that behalf, the accounts of every Society for each Co-operative year, and complete such audit within six months of the closure of the year, at least once or for such number of times as may be directed by the State Government from time to time in respect of any Society or class of Societies.[Provided that the Auditor General of Co-operative Societies, Orissa may engage one or more Chartered Accountants to cause the audit of the accounts of the Co-operative Society and the fees shall be paid by the Society both to the Chartered Accountant and the Government for the audit of its accounts for each Co-operative year at such rate as may be fixed by the Government.][Provided further that the accounts of the Orissa State Co-operative Bank and the Central Co-operative Bank shall be audited by the Chartered Accountants from the panel approved by the National Bank.] [Inserted by Orissa Act 1 of 2008 Section 21 (a) & (b) (O.G.E. No. 654 dated 20.3.2008).];(ii)The Auditor-General may, of his own motion or on a requisition from the Registrar and shall, on a directive from the State Government, arrange for special audit, re-audit or concurrent audit of the accounts of any Society or class of Societies on day-to-day or such other basis as may be directed.(iii)The Auditor-General shall so arrange the audit that the same Auditor shall not audit the accounts of the same Society for two consecutive Co-operative years.(iv)A Society having an annual business turnover of more than twenty-five lakhs, shall arrange for internal audit of its accounts on a day-to-day basis or on such basis as may be directed by the Auditor-General.](v)[ Save as otherwise provided in clause (ii), on the recommendation of the Reserve Bank of India, a special audit of the Orissa State Co-operative Bank and the Central Co-operative Bank shall be conducted in the manner and within the time stipulated by the Reserve Bank of India and a report thereof shall be submitted to the Reserve Bank of India and the National Bank.] [Inserted by Orissa Act 1 of 2008 Section 21 (a) & (b) (O.G.E. No. 654 dated 20.3.2008).](2)The Audit under Sub-Section (1) shall be conducted according to the rules and shall include -(a)a verification of cash balance and securities;(b)a verification of the balances at the credit of the depositors and creditors and of the amounts due from the debtors of the Society;(c)an examination of overdue debts, if any;(d)a valuation of the assets and liabilities of the Society;(e)an examination of the transaction, including the monetary transactions of the Society within such limits as may be prescribed;(f)an examination of the statement of accounts, including the statement of receipts and charges, the balance-sheet, the profits and loss account and the statement of net profits available for distribution in accordance with this Act and the Rules for the preceding year, to be prepared by the Committee in such form as may be directed by the [Auditor-General] [Substituted by Orissa Act No. 28 of 1991, Section 30(c) dated 31.12.1991, w.e.f. 25.5.1999.] [* * *] [Omitted by Orissa Act No. 28 of 1991, Section 30 (b) (i) force w.e.f. 25.5.1999.].[(f-1) an examination of the irregularity in terms of this Act, Rules and the Bye-Laws discovered, if any, in the constitution, functioning and business of the Society, affecting the financial position or otherwise of the Society.] [Substituted by Orissa Act No. 28 of 1991, Section 30(c) dated 31.12.1991, w.e.f. 25.5.1999.](g)any other matter that may be prescribed or directed by the [Auditor-General] [Substituted by Orissa Act No. 28 of 1991, Section 30(c) dated 31.12.1991, w.e.f. 25.5.1999.].(3)The statements of accounts including the balance-sheet, the statement of profit and loss and statement of net profits thus audited together with the modifications, if any, made therein by the [Auditor-General] [Substituted by Orissa Act No. 28 of 1991, Section 30(c) dated 31.12.1991, w.e.f. 25.5.1999.] and certified by him shall be final and binding on the Society.(4)(a)The [Auditor-General] [Substituted by Orissa Act No. 28 of 1991, Section 30(c) dated 31.12.1991 w.e.f. 25.5.1999.] or the Auditor shall, at all times, have access to ail the books, accounts, documents, papers, securities, cash and other properties belonging to or in the custody of the Society and shall, in so far as is necessary for carrying out any of the purposes of this Act, nave power to summon and enforce the attendance of any person and to examine him on oath or affirmation and to compel the production of any books, accounts, documents, securities, cash and other properties at any place at the headquarters of the Society or any branch thereof and to issue commission for the examination of witness by the same means and so far as may be, in the same manner as is provided in the case of a Civil Court under the Code of Civil Procedure, 5 of 1908.(b)The [Auditor-General] [Substituted by Orissa Act No. 28 of 1991, Section 30(c) dated 31.12.1991 w.e.f. 25.5.1999.] or the Auditor may require any person present before him to furnish any information or to produce any documents in his possession or power.(c)The [Auditor-General] [Substituted by Orissa Act No. 28 of 1991, Section 30(c) dated 31.12.1991 w.e.f. 25.5.1999.] or the Auditor shall have power to take or to authorise the taking of such copies of the document or of any entries therein as may be considered necessary. Copies so taken shall, when certified in such manner as may be prescribed, be admissible in evidence for any purpose in the same manner and to the same extent as the original document or the entries therein.(5)Every person who is or has at any time been an officer or employee of the Society and every member and past member of the Society shall furnish such information in regard to the transactions and working of the Society as the [Auditor-General] [Substituted by Orissa Act No. 28 of 1991, Section 30(c) dated 31.12.1991 w.e.f. 25.5.1999.] or the Auditor may require.(6)[ If the Auditor-General has reason to believe that the continuance in office of any Officer or office-bearer of a Society during audit of its accounts will be detrimental either to the ascertainment of facts relevant to the audit, or to the furnishing of compliance to the audit objections or his directives, if any, in that regard, he may notwithstanding anything to the contrary contained in this Act, Rules and the Bye-Laws, by order, assigning reasons therefor, suspend the Officer or office-bearer concerned for the whole or such portion of the period of audit as he may deem proper :Provided that the period of such suspension shall, in no case, exceed six months.(7)The Auditor-General, or any person authorised by him to conduct audit, under this Section shall, during the course of any such audit, have the same powers as the Registrar is competent to exercise under Clause (c) of Sub-Section (3) and Sub-Section (5) of Section 65.] [Inserted by Orissa Act No. 28 of 1991, Section 30(d) dated 31.12.1991 w.e.f. 25.5.1999.]
