Auditing Notes-III

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Contents of Auditors report Sec. 73 To member of MSCOS Sec 73 3 i B s. True fair view of sate of affairs ii P L A c. True fair view of Profit or Loss Sec 73 4 i Whether obtained all information explanation ii Whether, proper books of A c kept by MSCOS proper returns received from branches . iii Whether report on A c of any branch office forwarded to him how he dealt with the same .. iv Whether MSCOS s B s P L A c are in agreement with the books of account return. Where any matters aforesaid are in negative reasons. Special Audit of MSCOS Sec. 77 In case Central Government or State Government either alone or both hold 51 or more of paid-up share cap. In such MSCOS. Central Government may direct either a C.A or MSCOS s auditor to conducts special audit make a report to it. Cases for special audit i Central Government is of opinion that affairs of MSCOS aren t being managed in accordance with self help Co-operative principles or sound business principles or ii MSCOS managed in manner likely to cause serious injury damage to interest of trade industry or business to which it pertains or iii That the financial position of any MSCOS is such as to endeager its solvency. Auditor has same powers duties as in Sec. 73. On receipt of report of special audit, Central Government may take such action as it considers necessary. Inquiry by Central Registrar Sec. 78 Central Registrar may i On request from federal co-operation to which MSCOS is affiliated or ii A creditor or iii At least 1 3 of member of board or iv At least 1 5 of total member of MSCOS holds an enquiry or direct some person to enquire into constitutions, working financial condition of MSCOS. However before inquiry, 15 days notice to be given to MSCOS.
Central Registrar or person authorised, shall have following powers i Free access to books A c Cash Properties in custody of MSCOS summon any person to produce the same at any place specified by him. ii Require the officer to call AGM by giving notice of at least 7 days or if officers fail refuses, he may call it himself. iii Summon any person having knowledge to appear before him examine him on oath.
Central Registrar with 3 months of receipt of report communicate the report of enquiry to society, FI to person at whose instance it is needed.

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