Section 63
Duties of auditor
of Co-Operative Societies Act 1993
The auditor of a co-operative society shall inspect and audit the accounts and other relevant records of the co-operative society and shall forthwith draw the attention of the Commission and the co-operative society to any irregularity disclosed by the inspection and audit that is, in the opinion of the auditor, of sufficient importance to justify his so doing.
(2)
The auditor of a co-operative society shall audit and report on the financial statements submitted by the co-operative society after the close of the financial year.
(3)
The auditor of a co-operative society shall, in respect of the accounts, records and statements referred to in subsections (1) and (2), report—
(a)
whether such financial statements give a true and fair view of the financial transactions and the state of affairs of the co-operative society; and
(b)
such other matters arising from the audit as he considers should be reported,
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and shall state in his report whether—
(aa) proper accounting and other records have been kept; and
(bb) the receipt, expenditure and investment of moneys and the acquisition and disposal of assets by the co-operative society during the year have been in accordance with this
Act, the regulations and the by-laws of that co-operative society.
(4)
The auditor of a co-operative society may at any other time report to the Commission and the co-operative society upon any matters arising out of the performance of the audit.
(5)
The audit of the accounts of a co-operative society shall include an examination of and report on overdue debts, if any, and an examination of and report on the valuation of the assets and liabilities of the co-operative society.
(6)
Any auditor who fails to comply with this section commits an offence and shall, on conviction, be liable to a fine not exceeding two hundred thousand ringgit or to imprisonment for a term not exceeding one year or to both.