The Institute of Chartered Accountants of India ( ICAI) recently organized a half-day seminar on audit of co-operative societies where chairman of Chitnavispura Sahakari Bank Yadav Shirpurkar was the chief guest. He spoke on recent amendments in the Cooperative Societies Act.

"Auditors should audit thoroughly and submit their reports to the cooperative banks and societies as the same are required by Reserve Bank of India and other government regulators. They shall also guide the management in weak areas of the society. Auditors are requested to suggest the mechanism that mistakes should not happen in future. Audit has gained importance in the light of increase in size of advances in the co-operative sector," he said.

Earlier Nagpur branch chairman Swapnil Agrawal said, "These types of seminars provide members firsthand knowledge of various issues to be kept in mind while conducting cooperative audit." He also informed the members about forth coming events.

In first technical session, eminent faculty from city Kirti Kumar Thakkar, presented a paper on "Reporting requirement Form 1 and Form 8" while district special auditor Yashwant Bagde presented a paper on "audit classification of co-operative societies". Both the speakers later resolved various queries of the participants.