Short Answer

Yes, there have been changes in the audit procedure as per recent amendments in Gujarat.

Detailed Explanation

Section 80 of the Gujarat Cooperative Societies Act, 1961 states that every cooperative society shall get its accounts audited annually by a qualified auditor appointed by the Registrar. This means that audit of cooperative societies is mandatory on an annual basis to ensure financial transparency and accountability. The recent amendments in Gujarat have introduced stricter guidelines for audit procedures to enhance governance and compliance.

Furthermore, Rule 88 of the Gujarat Cooperative Societies Rules, 1965 specifies the detailed procedure for conducting audits, including the submission of audit reports to the Registrar within the prescribed time frame. This rule ensures that audits are conducted in a timely manner and the findings are reported to the regulatory authority for review and action if necessary.

In practice, these audit procedures help in detecting financial irregularities, ensuring proper utilization of funds, and maintaining the overall financial health of cooperative societies. For example, a recent amendment may require auditors to perform additional procedures to verify the accuracy of financial statements or compliance with regulatory requirements.

Real-world Scenarios

• A cooperative housing society in Gujarat undergoes an annual audit as per the recent amendments. The appointed auditor reviews the financial records, conducts tests on transactions, and prepares a detailed audit report as per the guidelines set by the Act and Rules.

• A cooperative credit society faces scrutiny during the audit process due to discrepancies in its financial statements. The auditor investigates the matter thoroughly and submits a report highlighting the issues to the Registrar for further action.

Reference

• Section 80 of the Gujarat Cooperative Societies Act, 1961

• Rule 88 of the Gujarat Cooperative Societies Rules, 1965