Question

According to New Sec 2(ad), of Kerala Co-operative Societies Act 1969, what does Administrative Audit include?

• A. It includes only financial auditing and compliance checks.
• B. Close assessment of constitution, management, books, internal controls, compliance, performance and IT audits.
• C. It focuses exclusively on the organization's performance and efficiency.
• D. It covers only the review of books and internal controls.

Answer 1

Answer:

B. Close assessment of constitution, management, books, internal controls, compliance, performance and IT audits.

KCS ACT 1969

SECTION : 1 RULE 1

• SHORT TITLE, EXTENT, COMMENCEMENT

• Title - Kerala cooperative societies act 1969.

• Extent - The whole state of Kerala

• Commencement : 15-05-1969

• These rules may be called the Kerala cooperative societies 2nd amendment Rules 2024.

• They shall come into force at once

• Amendment to the rules in the KCS rules 1969.

Sec 2 Definition (Amendment)

• Amend of Section 2 -In sec 2 -ACT 21 of KCS ACT 1969

• Sec 2 (ab) - Auditing of Accounts of Cooperative society

• Close Examination of financial transaction overdue debt if any,

• Maintenance of books of accounts, documents, and other records of a business

• Preparation of audit report

• Inquiry into the affairs of the society and subsidiary institution in order to ascertain the correctness of accounts.

• Activities where useful in promoting the economic welfare of the members in accordance with cooperative principles

• Amend - It includes verification of accounts through software solutions.

• Auditing of information system

• Migration of data in the case of societies whose accounts are computerized

New Sec 2 (ad) - Administrative Audit

• Sec 2(ad)- Administrative Audit means a Close Assessment of all affairs of the society

• Including Constitution, Management and establishment , Maintenance of books of accounts and other records

• Internal Control System of the society

• which its Activities were useful in promoting the economic welfare of the members in accordance with cooperative principles

• It includes Compliance Audit, Performance Audit as well as IT Audit.

New Sec 2 (db) Common Software for PACS

• An effective Software Solution that covers the complete day to day functions of PACS through Centralised architecture