Section 64 in Jammu and Kashmir Co-Operative Societies Act, 1989
64. Audit.
(1)The Registrar shall audit or cause to be audited by a person authorised by him by general or special order in writing in this behalf, the accounts of every co-operative society at least once in each year.(1A)[ A Primary Agricultural Credit Society shall get its accounts audited at least once in each year by the Registrar or by a person authorised by him, by general or special order in writing in this behalf, or a Chartered Accountant appointed by its committee.(1B)Notwithstanding anything contained in sub-section (1), the accounts of an Apex Co-operative Bank or a Central Co-operative Bank shall be audited and certified by Chartered Accountants appointed by its committee from the panel approved by the National Bank.(1C)The Registrar shall get conducted a special audit of an Apex Co-operative Bank or a Central Co-operative Bank [in consultation with the Reserve Bank and the National Bank within the time] [Inserted by Act No. X of 2010, Dated 28.4.2010, w.e.f. 29.4.2010.] stipulated by the Reserve Bank and shall endorse a copy of the report of such special audit to the Reserve Bank and the National Bank within the time stipulated by the Reserve Bank.](2)The audit [under sub-sections (1), (1A), (1B), or (1C)] [Substituted for "under sub-section (1)" by Act No. X of 2010, Dated 28.4.2010, w.e.f. 29.4.2010.] shall include an examination over due debts, if any, the verification of cash balance and securities and valuation of the assets and liabilities of the society.(3)[The Registrar or the authorised person or the Chartered Accountant appointed under sub-sections (1A), (1B) or (1C)] [Substituted for "The Registrar or the authorised person" by Act No. X of 2010, dated 28.4.2010, w.e. f. 29.4.2010.] shall at all times have access to all the books, accounts, documents, papers, securities, cash and other properties belonging to, or in the custody of, the society and may summon any person in possession or responsible for the custody of any such books, accounts, documents, papers, securities, cash or other properties, to produce the same at any place at the headquarters of the society or any branch thereof.(4)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 Registrar or the person authorised by him or the Chartered Accountant appointed under sub-sections (1A), (1B) or (1C)] [Substituted for "the Registrar or the person authorised by him" by Act No. X of 2010, Dated 28.4.2010, w.e.f. 29.4.2010.] may require.Explanation. - For purposes of this section, -(1)'Audit' shall mean annual audit of accounts of a co-operative society for each co-operative year and shall include Recurring Audit and Re-audit.(2)Recurring audit shall mean audit of accounts of a co-operative society within a co-operative year on monthly or quarterly basis as the Registrar may decide.(3)'Re-audit' shall mean audit of the accounts of a co-operative society for checking up the quality or standard of any previous audit. A co-operative society shall pay for every audit, recurring audit or re-audit such audit fee in such manner as may be prescribed [:] [Substituted for "."by Act No. X of 2010, Dated 28.4.2010, w.e.f. 29.4.2010.][Provided that a Co-operative Credit Structure Society shall be free to decide the compensation for audit, recurring audit or re-audit.][Inserted by Act No. X of 2010, dated 28.4.2010, w.e.f. 29.4.2010.]
