Question

Which financial statements are typically checked during a Financial Audit ?

• A. Cash flow statement and tax returns
• B. Profit and Loss statement (P&L) and Balance Sheet (B.S)
• C. Operational reports and budgets
• D. Membership records and surveys

Answer 1

Answer:

B. Profit and Loss statement (P&L) and Balance Sheet (B.S)

Types Of Co-operative Audit:

Two Types 

1. Financial Audit 

2. Administrative Audit 

Financial Audit:

• Auditing financial matters only 

• check P&L and B.S 

Administrative Audit:

• Cooperative audit is also an Administrative audit 

• To check administrative matter 

WHETHER

• Operation of management carry out accordance with Cooperative principles 

• Fulfill the objectives and consider the economic benefits of it's members