Registrar, Cooperative Sugar Mills Societies of the State, Shri Sanjay R. Bhoosreddy have issued detail instructions to Chartered Accountants for unbiased examination and audit of profit and loss details, receipts, assets, balance sheet and liabilities of the Cooperative Sugar Mill Units of Uttar Pradesh for the financial year 2019-20.
Giving detailed information in this regard, Shri Bhoosreddy said that the chartered accountant will finish the allotted work within one month and submit the audit report of profit and loss details within the stipulated time. The Chartered Accountants will have to submit the tax audit report of the Cooperative Sugar Mills, online to the Income Tax Department and annual audit report as per the provisions of section 44 of the Income Tax Act, 1961. He also mentioned that in the annual report, all the details related to compliance of the tagging orders of cane price, sale of sugar, molasses and bagasse and auction of scrap will have to be recorded.
He also informed that in the audit of cooperative sugar mills, justification regarding expenditure of all the units in repair, purchase, operating expenses, advances given to employees and recovery thereof and loans taken by the units and the status of their liabilities will be compulsorily examined.
Shri Bhoosreddy also informed that during the preparation of the Audit Report for the year 2019-20, all the Cooperative Sugar Mill units and U.P. Cooperative Sugar Factory federation will provide support to the appointed Chartered Accountant in preparing audit report and will make necessary records available to them time to time. To maintain quality in the audit work strict instructions have been given to the Chartered Accountants. It is also directed that the report and to be complete with full loyalty and transparency and should not be based on fake data. For including fake data and concealing theft, loss and embezzlement in audit report, F.I.R. will be lodged against concerned charted accountants.
Shri Bhoosreddy also said that by conducting a fair audit of cooperative sugar mills, financial management of the institutions will improve and bringing audit report to the notice of the Government will ensure transparency.
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