ICAI to issue guidance note for auditing multi-state cooperatives

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The Economic Times daily newspaper is available online now. Read Today's Paper ICAI to issue guidance note for auditing multi-state cooperativesET BureauLast Updated: Oct 30, 2026, 08:52:00 PM ISTSynopsis

ICAI will issue a guidance note for auditors of multi-state cooperative societies following the government's notification of the Multi-State Co-operative Societies (Auditor's Report) Order, 2026. The guidance will standardise audit practices, strengthen regulatory compliance and help identify financial irregularities and governance risks. The new framework will be implemented in phases.

New Delhi: The Institute of Chartered Accountants of India (ICAI) will issue a guidance note to its members for auditing multi-state cooperative societies.

This follows the Ministry of Cooperation notifying the Multi-State Co-operative Societies (Auditor's Report) Order, 2026 or MSCARO 2026. This framework will be implemented in a phased manner.

An ICAI statement said the proposed guidance note will provide auditors with a structured reference for key audit considerations, improving consistency in audit practices and strengthening compliance with statutory and regulatory requirements.

ICAI president Prasanna Kumar D said the framework was expected to help auditors examine critical aspects of cooperative societies’ financial functioning, flag potential irregularities and identify governance concerns. This could support timely detection of financial and compliance risks and encourage corrective action.

The institute is also conducting capacity-building programmes to strengthen financial management, governance and regulatory awareness.
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