Section 72 - Qualifications and disqualifications of auditors. - Multi-State Co-Operative Societies Act, 2002

Qualifications and disqualifications of auditors . 72. (1) A person shall not be qualified for appointment as an auditor of a multi‑State co‑operative society unless he is a chartered accountant within the meaning of the Chartered Accountants Act, 1949 (38 of 1949). (2) None of the following persons shall be qualified for appointment as auditor of a multi‑State co‑operative society ( a ) a body corporate; ( b ) an officer or employee of the multi‑State co‑operative society; ( c ) a person who is a member, or who is in the employment, of an officer or employee of the multi‑State co‑operative society; ( d ) a person who is indebted to the multi‑State co‑operative society or who has given any guarantee or provided any security in connection with the indebtedness of any third person to the multi‑State co‑operative society for an amount exceeding one thousand rupees. (3) A person shall also not be qualified for appointment as an auditor of a multi-State co‑operative society if he is, by virtue of sub‑section (2), disqualified for appointment as an auditor of any other body corporate or multi‑State co‑operative society or co‑operative society. (4) If an auditor becomes subject, after his appointment, to any of the disqualifications specified in sub‑sections (2) and (3), he shall be deemed to have vacated his office as such.