243ZM. Audit of accounts of co-operative societies
(1)The Legislature of a Stale may, by law, make provisions with respect to the maintenance of accounts by the co-operative societies and the auditing of such accounts at least once in each financial year.(2)The Legislature of a State shall, by law, lay down the minimum qualifications and experience of auditors and auditing firms that shall be eligible for auditing accounts of the co-operative societies.(3)Every co-operative society shall cause to be audited by an auditor or auditing firms referred to in clause (2) appointed by the general body of the cooperative society:Provided that such auditors or auditing firms shall be appointed from a panel approved by a State Government or an authority authorised by the State Government in this behalf.(4)The accounts of every co-operative society shall be audited within six months of the close of the financial year to which such accounts relate.(5)The audit report of the accounts of an apex co-operative society, as may be defined by the State Act, shall be laid before the State Legislature in the manner, as may be provided by the State Legislature, by law.[Editorial comment-The Constitution (Ninety-seventh Amendment) Act, 2011,the state legislature may include measures requiring cooperative societies to maintain accounts and have those accounts audited at least once every fiscal year.Also Refer]
