Short Answer

Yes, an audit report can be revisited to correct errors after being adopted.

Detailed Explanation

Section 81 of the Gujarat Cooperative Societies Act, 1961 empowers the Registrar to call for information and accounts from cooperative societies and to conduct or order an audit. This section allows for the audit report to be revisited if errors are found post-adoption. In practice, if a cooperative society discovers errors in the adopted audit report, they can request the Registrar to revisit the audit and make necessary corrections. This ensures the accuracy and reliability of the financial information presented in the report.

Furthermore, Rule 76 of the Gujarat Cooperative Societies Rules, 1965 specifies the procedure for conducting an audit of cooperative societies. If errors are identified in the audit report, the society can follow the prescribed procedure to request a revision. For example, if a society realizes that a significant financial transaction was recorded incorrectly in the audit report, they can submit a formal request to the Registrar for a revision. The Registrar will then review the request and may order a re-audit to rectify the errors.

In a real-world scenario, if a cooperative society's audit report mistakenly showed inflated revenue figures due to a data entry error, they can rectify this by revisiting the audit report. By following the provisions of the Act and Rules, the society can ensure that the corrected report reflects the true financial position of the society. This process helps maintain transparency and accountability in the financial management of cooperative societies.

Another practical example could be if a cooperative society's audit report failed to include certain expenses incurred during the financial year, leading to an understatement of liabilities. In such a case, the society can request a revision of the audit report to accurately reflect all financial transactions. This corrective action ensures that the audit report provides a complete and accurate picture of the society's financial health.

Overall, the provisions in the Gujarat Cooperative Societies Act, 1961 and Rules, 1965 allow for audit reports to be revisited and corrected if errors are identified post-adoption, ensuring the integrity of financial reporting in cooperative societies.

References

• Section 81 of the Gujarat Cooperative Societies Act, 1961: Official PDF

• Rule 76 of the Gujarat Cooperative Societies Rules, 1965: Official PDF