In terms of the Section 44 (2) (1) of Co-operative Society Act No. 05 of 1972 an independent review on the performance and financial state of Cooperative Societies is submitted by the Department of Co-operative Development and it is distributed among the members at the general meeting. The Department of Co-operative Development arranges for establishment of benefit in the Co-operative Movement and implementation of the government objectives and policies. So, this independent review is conducted in compliance with accounting standards of Sri Lanka, Co-operative Society Act, Rules, Interim Constitutions, Committee orders and Departmental instructions ensuring economy, efficiency and productivity of operations.
44. (1) Accounts of each Co-operative Society should be audited once a year by the Registrar
Authorized by him by a written document for the purpose.
(2) In 44(2) of the Co-operative Society Act No. 5 of 1972
In the Audit under sub Section (1) ,
Under the sub Section (3) (1) ,
The Registrar or any person authorized to audit should have powers to,
According to sub Section (4),
The Registrar or any person authorized by the Registrar by a general or special order in writing should be entitled to get all the books, documents, accounts and documents, securities and cash in hand maintained by a registered society on all occasions. Further, every person who is in charge of the above or maintain them should provide the information to the Registrar or the person authorized by the Registrar when requested.
According to the sub Section (5),
The Registrar and every person authorized by him for auditing accounts in a registered society should be considered as public servants according to the description of the Penal Code.
According to the Sub section (6),
In terms of sub section of No.72 (a) of 1972
Under this Act when duties of their own are performed or activities are done any civil or crime case cannot be filed against the Registrar, Deputy Commissioner, Senior Assistant Commissioner, Assistant Commissioners or other persons formally authorized by the Registrar under the Sections 44, 46, 49, 66 and 67 regarding any activity done with good faith.
For More Details
Mr. B.M.M. Bandula
Assistant Commissioner (Audit)
Tel: +94 11 243 6852
Mobile : +94 71 834 9332