What is society audit report? Who and how it will be created?
**Audit under Societies Registration Act, 1860** -Society audit is the audit of the cooperative societies which is to be done accordingly provision laid down by the Societies Registration Act, 1860, and the legislation made by the different states for this. -Every governing body is entrusted with the duty of maintenance of proper accounts. -Society Registrar to prescribe the format and contents of such accounts. -Society Registrar to prescribe the format and contents of such accounts. -Accounts to be balanced every year on 31st March. -Accounts to be audited by a Chartered Accountant or such other person as authorised by State Government -It shall be the duty of the Auditor to prepare a Balance Sheet and Income and Expenditure Account and forward the same to the Registrar. -Auditor shall specify all cases of irregular, illegal or improper expenditure or failure or omission to recover monies or other property belonging to society or of loss or waste of money or other property thereof. -He shall also report whether such expenditure or waste was caused in consequence of breach of trust or misapplication or any other misconduct on the part of governing body. **Contents of Audit Report** -Form 10B is in 2 parts. -Part 1 – Audit Report expressing opinion on true and fair view in respect of Balance Sheet and Profit and Loss Account. - Part 2 – Annexure requiring the auditor to state the year’s surplus, accumulation of income,utilisation of income (application); and whether any income or property was used for the benefit or specified (excluded categories) persons. **Audit Report in Form 10B** -This report is to be furnished along with the Return. -It is possible to have the accounts audited by one auditor and to get the report in It is possible to have the accounts audited by one auditor and to get the report in Form 10B from another auditor. - Format of Audit Report in Form 10B is different from the one prescribed SA 700