Section 58 — Audit Report

The audit officer shall, within a week from the date of completion of audit, submit to the registered co-operative society, and to the Registrar, together with the statement of accounts audited, an audit report including a statement of -

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(i) every transaction which appears to him to be contrary to law or to the rules or bye-laws;

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(ii) every sum which ought to have been but has not been brought into account;

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(iii) the amount of deficiency or loss which appears to have resulted from any negligence or misconduct or to require further investigation;

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(iv) any money or property belonging to the co-operative society which appears to have been misappropriated or fraudulently retained by any person;

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(v) any of the assets which appears to him to be bad or doubtful;

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(vi) any irregularity in maintaining accounts;

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(vii) whether the society is properly carrying out its objects and obligations towards its members;

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(viii) whether sound business principles and prudent commercial practices are being followed;

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(ix) application of prudential norms, etc; and

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(x) any other relevant matter.