Question

According to Section 64(1) of the Kerala Cooperative Societies Act, 1969, what is included in the scope of the audit?

• A. Assessment of member satisfaction
• B. Evaluation of marketing strategies
• C. Review of training programs for staff
• D. Examination of overdue debts

Answer 1

Answer:

D. Examination of overdue debts

Cooperative Audit:

• Defines. 

• Sec2(ab) Cooperative Audit Means - Close examination of financial transaction, overdue debts if any, maintenance of books of accounts, documents and other records of a business, preparation of audit reports. 

• Inquiry 

Definition

• Sec 64 (1) 

• Verification of cash balance 

• Examination of overdue debts 

• Valuation of assets and liabilities