Co-operative Societies (Amendment) Act (No. 11 of 1992)

Sri Lanka Consolidated Acts

Amendment of section 44 of the principal enactment

19. Section 44 of the principal enactment is hereby amended by the repeal of subsection (2) thereof and the substitution therefor of the following: "

" (2) The audit under subsection (1) shall include"

	(a) an examination of overdue debts ;

	(b) a valuation and verification of assets and liabilities of registered societies;

	(c) an examination as to whether the organization systems, procedures, books, records and other documents have been properly and adequately designed to ensure proper financial control and the presentation of information, to enable a continuous evaluation of the activities of the society, and whether such systems, procedures, books, records and other documents are in effective operation ;

	(d) an examination as to whether the conduct of the society has been in accordance with the , provisions of this Law, or rules, regulations or by-laws made thereunder and whether administration of the affair' of the society has been in accordance with the provisions of such Law, rules, regulations or by-laws;

	(e) an examination as to whether the utilization of the Fund has been efficiently and economically carried out;

	(f) an examination as to whether a satisfactory procedure has been formulated so as to ensure the safety of money and property belonging to. and under the control of, the registered society;

	(g) an examination as to whether the accounts audited have been so designed as to present a true and accurate account of the affairs of the society in respect of the period under consideration having due regard to the principles of accountancy, financing and valuation ; and

	(h) other prescribed matters. ".