The Institute of Cost Accountants of India (ICMAI) has sought inclusion of Cost Accountants as auditors within specific sections of the Multi-State Cooperative Societies Act, 2002. The proposal aims at enhancing the effectiveness of cooperative societies in India.

In response to this proposal, Dr Ashish Kumar Bhutani, Secretary Cooperation, assured the ICMAI delegation of giving thorough consideration to their proposal. Additionally, he also expressed his willingness to explore collaborative initiatives between the Ministry and the Institute, indicating openness to cooperation and partnership in this endeavor.

This assurance from Dr Bhutani came during an event where he unveiled the inaugural edition of the Quarterly Journal of the Cooperative Development Board (CDB) of the ICMAI. The event, organized by ICMAI in collaboration with the National Council for Cooperative Training (NCCT), also saw the signing of a Memorandum of Understanding (MoU) between the two entities.

Dr Bhutani commended the collaborative efforts of ICMAI and NCCT, recognizing them as proactive think tanks and valuable knowledge repositories. He, along with Mohan Kumar Mishra, Secretary of NCCT, signed the first copy of the journal, highlighting the commitment of both organizations to the growth and development of the cooperative sector in India. During the event, ICMAI and NCCT officials briefed Dr. Bhutani on their strategic roadmap, which encompassed four key pillars aimed at supporting the government’s efforts in advancing the cooperative sector.

According to the ICMAI officials, it is advocating for Cost Accountants to be recognized as auditors under two specific sections of the Multi-State Cooperative Societies Act, 2002. These are Section 72(1) under which  Cost Accountants could potentially be appointed as auditors for such societies, allowing them to conduct audits and assess the financial performance and compliance of these organizations while Section 77(1) may relate to the appointment of special auditors for specific purposes or circumstances, such as investigations or special reports.