Q.What is meant by 'statutory audit' of a co-operative society?

Some audits are done voluntarily; a co-operative society's yearly audit is not one of them.

A statutory audit is an audit that is required by law (a 'statute'), as distinct from a voluntary audit that a body may choose to have.

In the case of co-operative societies, Section 81 of the Maharashtra Co-operative Societies Act, 1960 makes it compulsory for every registered society to get its accounts audited at least once in every co-operative year. Because this audit is commanded by the Act, it is called a statutory audit. …

Students sometimes explain audit in general but forget the word 'statutory' means 'compulsory by law'. Bring out tha …