INDEPENDENT AUDITING OF COOP, NGOs NEEDED : ICAI

The Institute of Chartered Accountants of India (ICAI) has stressed the need for independent auditing of cooperative societies, various educational trusts and NGOs, saying it would bring down discrepancies in financial statements. ICAI said revenue of NGOs, cooperatives and educational trust had gone up manifold. ICAI had also said to the Centre and other state governments that if government wants transparency then they should go for private audit like in Maharasthra and Gujarat, where it is being carried out in cooperative societies.