In the said Act Section-33 shall be amended as follows, namely –
(a) Sub-section (1) shall be substituted by the following, namely - “(1) A Co-operative Society shall get its accounts audited by Auditor from a Panel approved by State Government or the authority authorized by the State Government, at least once in every financial year. Such Auditor shall either be Chartered Accountants within the meaning of the Chartered Accountants Act, 1949 or from the office of the Registrar. The minimum educational qualification of the Auditors from a panel approved by State Government or an authority authorized by the State Government shall be Graduate (with Mathematics) or commerce Graduate from any approved university. Such Auditor or Chartered Accountants firm shall be required to have at least three years of audit experience. Only such Auditor or Chartered Accountants firm shall be eligible for the audit of the accounts of Co-operative Society.”
(b) Sub-section (4) shall be substituted by the following, namely - “(4) The audit of the accounts of every Co-operative Society shall be done by the Auditor or Chartered Accountant firm in the manner specified under subsection (1), appointed by the General Body of Co-operative Society. The remuneration of the Auditor shall be fixed by the General Body;
Provided that if the audit is done by the Auditor from the office of the Registrar, Co-operative Societies shall pay the audit fee fixed by the Registrar.”
(c) After sub-section (10) the following new sub-section (11) shall be added, namely – “(11) Apex Co-operative Society with the approval of General Body shall compulsorily submit the Audit Report, after the audit of the Statement of Accounts, to the Registrar within thirty days so that the report may be placed in the Legislature through State Government in accordance with the procedure laid down by the State Government for this purpose.”