Saturday, 28 February 2015

Revised rates of Audit Fee for Co-operative Housing Societies

After 97th amendment in constitution of India the concerned provisions of the MCS ACT 1960 are revised  w.e.f. 14/02/2013. On the basis of these amendments Govt. of Maharashtra issued a circular dated 29/10/2014 on the issue of auditing in Co-Operative Housing Societies with following details.

The  auditing fee will be area wise as under :-

Sr. No.                AREA                                                  Audit Fee per members of the society
1.                 Capital City (Mumbai)                                Rs. 100/-
2.                 Mahanagar Palika area &                            Rs. 75/-
                    Cantonment area
3.                 Nagar Parishad area at                                 Rs. 50/-
                    Taluka level
4.                 Co-Op Society in Rural area                        Rs. 40/-
5.                 Co-Op Society in Liquidation                      Rs. 2,000/-  MAXIMUM Amount for
                                                                                          entire society audit

This rates will be for one year and also apply for re-auditing

As per provision made in the Sec 81(I)(b)(a) Co-operative Housing Societies are included in the said provision and hence, they have also to get their working audited by the certified auditor/ auditing firms from Panel of auditor. This panel auditor shall be revised after every 3 year

Co-Op societies are allowed to select their auditor as per Rule 69. The auditor shall not audit more than 20 co-operative societies having paid up share capital in excess of Rs. 1.00lakh

Above fees shall be excluding travelling expenses  and incidental changes of auditors subject to actual expenses or 5 % of audit fee whichever is less

Auditor for next year shall be selected in the AGM every year with his fee and informed to registering authority.

The society shall display on its notice board name, address and telephone number of Auditor with a copy to the registering authority

Thursday, 11 December 2014