The responsibility of doing Audit of Co-operative Housing Society.

The responsibility of doing Audit of Co-operative Housing Society.

 •    Since the Co-operative Housing Societies are included in Section 81(1) (B) of the Maharashtra Co-operative Societies Act, 1960, the audit of the said societies should have to be made themselves.

•    It is obligatory to make audit from the panel auditors kept on the level of the Divisional Joint Registrar, Co-operative Societies.The panel auditors include G.D.C.A & CA. The audit cannot be made from the same auditor for continuous more than two year period.

•    The appointment & Fixing of remuneration of the auditor for the next. [Upcoming]  Financial Year  should be made of the Annual General Body Meeting of the society. Many societies appoint auditor after the Financial Year ended. This is wrong practices since the Secretary  of the society has to finalise the A/C of the society within 45 days from the financial year ended i.e. Upto 15 may of every year and take the Annual General Body Meeting for approving audit reports before 14 August  of every year.

•    The  society having more than 150 members it is advisable to do Audite from CA  only. Since the Society has to file TDS & Service Tax deduct the amount in concern Dept. on time. The concern Dept. like IT Dept. & Dir. Of Service Tax may not approve the audit done by G.D.C.A.

•    Details like name, address, telephone number of the auditor appointed should  be  displayed   on  the  notice  board  of  the  Society  or  other noticeable places and informed the same to the Registrar of the Society.

•    The  Complainant  member  can  submit  their  complaints  before  the Auditor and it could be redressed. It is necessary that the Auditor should declare the details of date and time  regarding when he is coming for auditing in the society and display it on the notice board or in a prominent place in the society.

•    The Secretary of the Society should make available all necessary papers, accounts books to the auditors for auditing as per the provisions in the bye- laws.

•    On receipt of the audit reports of the Auditor, the secretary of the society shall prepare draft audit rectification reports on the objection raised & suggestions made in the “ O ” Form prescribed under Rule 73 of the MCS Rule 1961and place the same before the meeting of the committee held next after the date of the receipt of the audit report for its approval & it is also necessary to take approval in the Annual General body meeting of the Society.

•    It is necessary that the society should make available the copies of the audit report to the  members before  placing it in the general body meeting.