Section 57 in The Meghalaya Co-operative Societies Act
57. Nature of audit.
- The audit shall include ;(i)a verification of the cash balance and security ;(ii)a verification of the balance at the credit of the depositors and creditors and the amounts due from the debtors of the society ;(iii)an examination of overdue debts, if any ;(iv)the valuation of the assets including stock verifications, and liabilities of the society;(v)an examination of the statement of accounts and balance-sheets to be prepared by the managing body of the society in such forms as may be prescribed ;(vi)an examination of the realised profits; and(vii)an examination utilisation of Government Financial assistance.
