I could hear many of complaining us chartered accountant freinds complaining about the very low audit fees for the audit of a cooperative bank. The audit fees for a co-operative bank was as low as Rs 10000 irrespective of the size of the bank. But now many of us have a reason to rejoice as the given situation is going to improve.

As per an order under The Gujarat Cooperative Societies Act, 1961, the audit of a co-operative bank shall be hence forth conducted by chartered accountants only. This has been intended to improve the quality of the audit of the banks. Further, as per the Order No. GHKH-13-2006/CDE-10-2002-2259-K dt. 9th March 2006, issued under sub-section (7) of section 84 of The Gujarat Cooperative Societies Act, 1961, the schedule of fees for the co-operative bank shall be as given below :-

A minimum fees of Rs. 20,000/- for Banks having Advances up to Rs. 5.00 crore,

Audit fees of Rs. 50,000/- + Rs. 1,000/- per every additional Advances of Crore in excess of Rs. 25.00 Crore – up to maximum of Rs. 2.00 lakhs

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