Auditing is an important process for creating transparency in all the activities of the cooperative society, including proper accounting. If the audit is carried out by properly scrutinizing the financial aspect along with the management of the society, then the correct picture emerges along with the direction. Which will be helpful in managing and progressing the future activities of the cooperative society. Based on this issue, internal audit service activities are ongoing on behalf of CACCO Ltd. in view of the implementation of the mission, vision and objectives and the needs of the member societies. On application of any Cooperative Society/Credit Union, internal audit work is completed by verifying the accounts and other documents and after completing the internal audit work, a full audit report is provided with necessary advice on financial aspects and management.
Issues observed during internal audit –
01. Problems in using receipts, vouchers, debit vouchers, credit vouchers and journal vouchers.
02. Problems with the filing system.
03. Problems in preparation and use of cash book.
04. Problems in preparation and use of General Ledger.
05. Not using General Ledger is a problem.
06. Average problem in statement of account and detail list balance.
07. Average problems in software and manual accounting balances.
08. Average problems in software and manual accounting and detail list balances.
09. The problem of changing any figure of a number at will.
10. Wrong entry/editing and the hiding problem in software.
11. Problems with software not keeping correct records.
In order to solve the problems mentioned in the management and transactions maintained in the software and manual system used by the cooperative society, the CACCO internal audit team has done the internal audit work by correcting the errors through tireless work with sincerity. Already worked continuously for a long time to prepare and reconcile several years of software and manual accounts of several cooperative societies and successfully completed it. During the internal audit process, the concerned officers and employees of the society are shown by hand in keeping the accounts correctly both in software and manual methods.
How Cooperative Societies Benefit After Internal Audit:
01. 100% verification of receipts, vouchers, debit vouchers, credit vouchers and journal vouchers.
02. Preparation of cash book updates.
03. Prepare up to date accounts of all sectors in General Ledger and reconcile with accounts.
04. Reconciliation of surplus paper and detail list.
05. Correction of deviations as software and manual.
06. False entry, edit, error correction in software.
07. Reconciliation of accounts by correcting all erroneous accounts by software and manual methods.
08. Reconciliation of capital-liabilities and assets by software and manual.
09. Matching software and manual detail list.
10. Live adaptation of the software used by the society.
11. Training and upskilling of software related officers.

CACCO has skilled workforce to verify the correctness of software and manual calculations in the internal audit process. The member associations receiving internal audit services expressed satisfaction with CACCO's internal audit work. In recognition of the work, the service receiving society has given a special memento 'crest' along with a letter of thanks and appreciation. All member societies are proud and happy on behalf of CACCO for this achievement. By taking internal audit services, the member societies can take necessary advice to make all the activities of the society more dynamic and sustainable, including being sure about the accuracy and correctness of their accounts. We believe that soon all the member societies will play an effective role in realizing the objective of CACCO Ltd. by making the transparency of their respective societies by adopting this service.