Union Territories & Panchayats
(1) State law governs co-operative account-keeping and mandatory annual auditing. (2) State law sets minimum auditor qualifications/experience. (3) Every society must be audited by an auditor from a state-approved panel, appointed by its own general body. (4) Accounts must be audited within six months of the financial year's close. (5) An apex co-operative society's audit report must be laid before the State Legislature.
This mandates professional, timely, independently-panelled auditing for co-operative societies - important given that co-operatives often manage members' pooled savings and finances (as with credit co-operatives), making robust financial oversight essential to protect ordinary members' money.
This is why a genuine multi-State co-operative bank or credit society must have its accounts professionally audited within six months of each financial year's end, by an auditor drawn from a government-approved panel, not just any self-selected accountant.