Preparation of Financial Statements, Audit and Annual Returns

(1) Within forty-five days from the close of the accounting year, the Committee shall prepare the Annual Financial Statements comprising:—

(a) Receipts and Payments Account;

(b) Income and Expenditure Account or Profit and Loss Account, as applicable;

(c) Balance Sheet;

(d) Schedules and statements required under the Act and the Rules.

(2) The Annual Financial Statements shall remain open for inspection by Members during office hours and shall be supplied to the Statutory Auditor within fifteen days from the date of their preparation.

(3) Within sixty days from the close of the accounting year, the Society shall hand over the books of accounts, registers, financial statements and all relevant records to the Statutory Auditor appointed under Section 81 of the Act.

(4) The Statutory Auditor shall complete the audit and submit the Audit Report to the Society and the Registrar within four months from the close of the Co-operative Year, i.e., on or before 31st July.

(5) A copy of the Audited Financial Statements, Audit Report and Committee Report shall be displayed on the Notice Board and made available to the Members at least fourteen days before the Annual General Body Meeting.

(6) The Annual General Body Meeting shall consider and adopt the Audited Financial Statements, Audit Report and Committee Report within six months from the close of the accounting year or within such extended period as may be permitted under the Act.

(7) The Society shall file the Annual Returns, Audited Financial Statements, Audit Report and all other documents prescribed under the Act and the Rules with the Registrar within six months from the close of the accounting year, ordinarily on or before 30th September, or within such extended period as may be prescribed.