(1) The audit shall include among others -
(a) a verification of the cash balance and securities ;
(b) a verification of the balance at the credit of the depositors and creditors and the amounts due from the debtors of the society ;
(c) an examination of overdue debts, if any;
(d) the valuation of the assets including stock verifications, and liabilities of the society;
(e) an examination of the statement of accounts and balance sheets to be prepared by the managing body of the society in such forms as may be prescribed ;
(f) a certification of the realised profits ; and
(g) any other relevant matter.
(2) The auditor's report among others shall include
(a) statement whether the auditor has obtained all the information and explanations which to the best of his knowledge and belief were necessary for the purpose of the audit;
(b) statement whether the balance sheet of cooperative society and income and expenditure account dealt with by the report are in agreement with the books of accounts ;
(c) statement indicating the basis on which each asset and liability was valued and mentioned specifically any change in the manner in which such valuation was done in the financial year under examination and its effect on surplus or deficit;
(d) statement indicating the amount of surplus earned or deficit incurred from provision of services to non-members as distinct from surplus earned or deficit incurred because of service to members or in normal course of business ;
(e) statement indicating every deviation in actual expenses and income from the estimated expenses and income in the approved budget;
(f) statement whether or not any of the Directors had at any time during the financial year under review, become ineligible under this Act to continue in office as a Director, and
(g) statement whether the decisions on disposal of surplus or assessment of deficit of the general body at its previous Annual General Meeting were implemented correctly and completely or not.
84. The audit officer shall within a fortnight from the date of completion of AUDIT REPORT audit, submit to the registered society and to the Registrar, together with the statement of accounts audited, audit report including a statement of - THE ASSAM GAZETTE, EXTRAORDINARY, FEBRUARY 4, 2012 409 RECTIFICATION OF DEFECT RE-AUDIT/ RECASTING OF AUDIT REPORT INQUIRY
(a) every transaction which appears to him to be contrary to law or to the rules or bye-laws ;
(b) every sum which ought to have been brought but has not been brought into account;
(c) the amount of deficiency or loss which appears to have resulted from any negligence or misconduct that requires further investigation ;
(d) any money or property belonging to the society which appears to have been misappropriated or fraudulently retained by any person ;
(e) any of the assets which appears to him to be bad or doubtful;
(f) any irregularity in maintaining the account; and
(g) any other relevant matter under section 83.