Question

audit of cooperative firm is
a.compulsory
b.voluntary
c.optional
d.none of the above​

Answer 1

Answer:

a.compulsory

Explanation:

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Answer 2

The correct answer is option(a) compulsory

Audit of cooperative firm is compulsory

According to section 6 of the Co-operative Societies Act, 1912, any ten persons who are qualified to enter into contract may file an application to the Registrar of Co-operative Societies. Each society can create its own bylaws, which should be registered with the Co-operative Societies. Changes in society bylaws are only effective if they have been approved by the Registrar of Societies. Limited liability societies and un-limited liability societies are the two sorts of societies. Any member cannot be held liable for more than the nominal value of their share, and no member can own more than 20% of a society's shares.

To aid society, the government is supporting cooperative societies. Consumer, industrial, service, marketing, and other sectors are all served by cooperative organisations.

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