Question

According to the amendment in Section 2(ab) of the Kerala Co-operative Societies Act, 1969, auditing of cooperative societies now includes which additional process?

• A. manual inspection of all financial transactions
• B. external audit by independent accounting firms only
• C. review of past audit reports for compliance
• D. verification of accounts through software solutions

Answer 1

Answer:

D. verification of accounts through software solutions

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