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Regarding structural audit
1 year ago
Sir our society is 23 yrs old should we carry out structural audit and under what section it is mandatory
A.Dear client, in my humble suggestion, under the KCS Act, Section 4, a cooperative society founded with the intention of assisting the operations of such a society may be registered. Every Society must maintain Books of Accounts and Registers in connection with its business in the manner that the Director of Co-operative Audit may from time to time demand, as stated in Rule 51 of the KCS Rules.
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A.Dear Sir,
A Co-operative Society which has for its objects the promotion of the economic interests or general welfare of its members, or of the public, in accordance with Co-operative Principles, or a Co-operative Society established with the object of facilitating the operations of such a society may be registered under KCS Act (Section 4). The aims of the society should not be inconsistent with the principles of social justice, and its bye-laws not contrary to the Provisions of the KCS Act and Rules. It should comply with the requirements of sound business and have reasonable chance of success before it could be considered for registration (Section 7). Thus a Co-operative Society is a business organization with a special mode of doing business, in a strictly business like manner tempered by a high moral purpose of encouraging in its members, habits of honesty, industry, thrift, prudence, punctuality and mutual help. The liability of a Co-operative Society may be limited or un limited subject to the provisions of Section 4 read with Section 5. The registration of a society shall render it a body corporate by the name under which it is registered having perpetual succession and a common seal and with power to hold property, enter into contracts, etc., (Sec.9). The Act provides for compulsory audit by the Director of Co-operative Audit or a person authorised by him (Sec. 63). Under sub-section (4 A) of Section 63 of the Act every Co-operative Society shall submit for each Co-operative year, to the Registrar and the Director of Co-operative Audit, statements showing the receipts and disbursements, Profit and Loss and the Balance Sheet for the year and such other statements and returns as the Registrar or the Director of Co-operative Audit may direct. According to Rule 51 of KCS Rules every Society has to keep Books of Accounts and Registers in connection with the business of the society in such form as the Director of Co-operative Audit may from time to time require.
A Co-operative Society which has for its objects the promotion of the economic interests or general welfare of its members, or of the public, in accordance with Co-operative Principles, or a Co-operative Society established with the object of facilitating the operations of such a society may be registered under KCS Act (Section 4). The aims of the society should not be inconsistent with the principles of social justice, and its bye-laws not contrary to the Provisions of the KCS Act and Rules. It should comply with the requirements of sound business and have reasonable chance of success before it could be considered for registration (Section 7). Thus a Co-operative Society is a business organization with a special mode of doing business, in a strictly business like manner tempered by a high moral purpose of encouraging in its members, habits of honesty, industry, thrift, prudence, punctuality and mutual help. The liability of a Co-operative Society may be limited or un limited subject to the provisions of Section 4 read with Section 5. The registration of a society shall render it a body corporate by the name under which it is registered having perpetual succession and a common seal and with power to hold property, enter into contracts, etc., (Sec.9). The Act provides for compulsory audit by the Director of Co-operative Audit or a person authorised by him (Sec. 63). Under sub-section (4 A) of Section 63 of the Act every Co-operative Society shall submit for each Co-operative year, to the Registrar and the Director of Co-operative Audit, statements showing the receipts and disbursements, Profit and Loss and the Balance Sheet for the year and such other statements and returns as the Registrar or the Director of Co-operative Audit may direct. According to Rule 51 of KCS Rules every Society has to keep Books of Accounts and Registers in connection with the business of the society in such form as the Director of Co-operative Audit may from time to time require.
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