The audit reports of co-operative housing societies should be so transparent that their actual performance could be seen, while the societies working against Co-operative Act and bylaws should be dealt through legal action. Punjab Co-operative Secretary, Khalid Pervez stated this while addressing a meeting of chartered accountants of co-operative housing societies, disclosed a departmental spokesperson.
In the meeting, it was decided that the legal framework of audit maybe implemented. It also decided that software maybe developed to conduct the audit in order to bring convenience in its process. Speaking on the occasion, Pervez called upon chartered accountants to accomplish audit of co-operative housing societies within the timeframe and in line with the best practices, thus pointing out their performances.
Liaqat Durrani, President/CEO of Punjab Provincial Co-operative Bank Limited, Fayyaz Ahmad Malik, Chief Auditor Co-operatives and chartered accountants attended the meeting.
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