Section 36: Audit.

(1) The accounts of a registered society shall be audited at the end of the financial year to which the accounts relate by an auditor approved in writing for that purpose by the society.
(2) The audit referred to in subsection (1) of this section shall include examination of overdue debts, if any, and a valuation of the assets and liabilities of the registered society.
(3) An auditor appointed under subsection (1) of this section shall have power to-
(a) summon at the time of the audit, any officer, agent, servant or member of the society who he has reason to believe can give material information in regard to any transaction of the society or the management of its affairs;
(b) require the production of any book or document relating to the affairs of, or any cash or security, belonging to the society, by the officer, agent, servant or member of the society in possession of such book, document, cash or security.
(4) The auditors report shall specifically cover profit and loss account, balance sheet, general state of the financial affairs of the society, management of the affairs of the society, overdue debts, valuation of assets and liabilities, disposal of profit, remuneration in kind earned by the chief executive of the society, including a valuation of benefits in kind, verification of cash balance and securities and a statement as to whether the directors have made available to the auditors all the documents, records and information necessary to the audit.
(5) Any officer, agent, servant or member of a registered society who-
(a) wilfully neglects or refuses to do any act or furnish any information; or
(b) furnishes information he knows to be false; or
(c) without any reasonable excuse, disobeys any summons, requisition or order made under subsection (3) of this section, is guilty of an offence and liable on conviction to a fine of not less than N1,000 or to imprisonment for a term of six months or to both such fine and imprisonment.
(6) The Director or any person authorised by him in writing shall, at all reasonable times, have access to all the books, accounts, papers and securities of a registered society and shall be entitled to inspect the cash in hand, and every office of the society and shall furnish such information in regard to the transactions and workings of the society as the person requesting the inspection may require.
(7) The Director may give directions prescribing the returns to be submitted by a registered society to the Director and the persons by whom and the time in which such returns shall be submitted, and directions given by the Director under this subsection shall apply to all or any of the registered societies.