The Co-operative Societies Rules

17. Submission of audited accounts to Commissioner

Edition: 2022-12-31 · In force

(1)The audited accounts required to be submitted to the Commissioner pursuant to section 25 (7) of the Act shall be in six copies and shall—

(a)have the following minimum disclosures—

(i)correct name of the society as registered must appear on all accounts along with its registration number;

(ii)share capital disclosed separately;

(iii)statutory reserve computed separately;

(iv)one total only disclosed for each main group of assets and liabilities;

(v)specified loans as short term if repayment period is less than five years and long term if repayment period is more than five years;

(vi)provision for dividends, bonus or honorarium disclosed under current liabilities;

(vii)a detailed schedule of depreciation of fixed assets under "notes to accounts";

(viii)details of all investments disclosed under "notes of accounts";

(ix)stocks and cash balances stated indicating whether verified or otherwise;

(x)the balance sheet signed by the chairman and two other Committee members;

(xi)separate accounts prepared in respect of each activity;

(xii)no material amount written off except with a resolution of the general meeting of the society accompanied by a satisfactory explanation.

(b)include a statement of management responsibility; and

(c)be submitted together with—

(i)an extract of minutes of the general meeting in support of appointment of the auditor; and

(ii)a banker’s cheque of the relevant audit and supervision fee.

(2)The audited accounts shall be read together with Commissioner’s comments thereon, if any.