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Audit of cooperative society
 

Audit of cooperative society

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    Audit of cooperative society Audit of cooperative society Document Transcript

    • AUDIT OF CO-OPERATIVESOCIETY
    • 1) Registers to be verified a) Property & Investment Register i) Situation ii) Date of acquisition iii) Cost price and present market price. If the difference between two is significant note should be given regarding present market value iv) Depreciation v) Face value vi) Interest due dates, interest realised vii) Sales, purchases, profit or loss on sale b) Fixed Deposits Register i) Date of acceptance ii) Date of maturity iii) Interest due date iv) Repayment c) Surety Register i) Loans are given against the personal security of the debtor, in addition to a surety or guarantee given by two members. d) Register of recovery of loan from salaries & directly by receipts from members. e) Loan disbursement register f) Members register and their pass books i) Loan given and its repayment ii) Confirmation of loan balances in person2) Share holding a) A member other than registered societies can hold least of the two:- i) 20% of total number of shares; ii) Shares of value of Rs. 10003) Loan a) Loan can be given only to members2|Page
    • b) Loan can be given to another registered society by passing special resolution4) Investment of Funds a) Investment can be in one or more of following i) In the Central or State Co-operative bank ii) In the shares, securities, bonds or debentures of any other society with limited liability iii) In co-operative banks as approved by the registrar5) Appropriation of profits a) At least 25% of the profits should be transferred to reserve funds, before distribution of dividends or bonus to members b) Registrar can reduce transfer not below 10%6) Contribution to charitable purpose a) With the sanction of the registrar, an amount not exceeding 10% of net profits remaining after compulsory transfer to reserve fund7) Overdue debts a) It has to be classified as overdue from six months to five years and more than five years. b) Analysis of overdue debts from the point of view of recovery and classify as good or bad c) Analyse provision for doubtful debts d) Compare the percentage of overdue debts to the working capital and loans advanced with that of last years and see the trend8) Overdue interest a) An overdue interest reserve is created and credit of overdue Interest credited to interest account is reduced. b) It is excluded while calculating profit9)3|Page