To,
The Chairman /Secretary
___________________
Sub
: Submission of Statutory Audit Report for the accounting year ended 31st
March, 2016.
Sir,
The accounts of ______ Co-op Housing Society Ltd. have
been audited on the basis of record produced and information supplied (oral and
written) by the office bearers of the society during course of our audit. The statement of accounts viz..Income &
expenditure A/c. & the Balance sheet, for the aforesaid period
have been duly examined and the observation and discrepancies so noticed on the
transaction and affairs of the society have been mentioned in audit objection
and general remarks.
Please find enclosed
herewith the Statutory Audit Report for the accounting year 1st
April, 2015 to
31st March, 2016 along with the following -
1.
Statement of Income and expenditure Account &
the Balance Sheet
2.
Auditors certificates, brief introduction
& comment on the present status of the society, Auditors Report with audit objections,
observations & general remarks & other mandatory details of the society
viz table 1, 2 & 3.
3.
Schedule of Infringement of M.C.S. ACT 1960,
RULES 1961 as per new amendments in the model bye_laws of the society.
4.
Audit memorandum viz. form no. 1 & form
no 28.
Society is instructed to submit
audit rectification report in “O” form within three months from the date of
obtaining audit report to the office of registrar of co-operative societies without
fail.
Thanking you,
AS PER OUR REPORT OF EVEN DATE
FOR ______________________________
Chartered
Accountants
Place: Vasai Firm Reg.No.______________
Date: / /
Copy to : The Deputy Registrar,_____________
--------------------------------------END OF PAGE---------------------------------------------
FORM
No. N-2
[See
Section 81 and rule 69 (3)]
An
Illustrative Format of Report of the Auditor of Co-operative Society
INDEPENDENT
AUDITOR’S REPORT
To
The Chairman/Secretary
____________________
Ref. :- Appointment Letter Reference
No._______ Dated_______
Report
on the Financial Statements as a Statutory Auditor
1. We have
audited the accompanying financial statements of The _____ Co-operative Society Ltd., which comprise the Balance Sheet
as at 31st March 2016 and the Statement of Profit and Loss / Income &
Expenditure for the year ended, and a summary of significant accounting
policies and other explanatory information incorporated in these financial
statements of the Society alongwith its Branches audited by us for the period 1st April 2015 to 31st March 2016. *
Management’s
Responsibility for the Financial Statements
2.
Management is responsible for the preparation of these financial statements in
accordance with Maharashtra Co-operative Societies Act, 1960 & Rules there
under. This responsibility includes the design, implementation and maintenance
of internal control relevant to the preparation of the financial statements
that are free from material misstatement, whether due to fraud or error.
|
|
|
Auditor’s
Responsibility
3. Our responsibility is to express an
opinion on these financial statements based on our audit. We conducted our
audit in accordance with the applicable Standards by The Institute of Chartered
Accountants of India and under the MCS Act. Those Standards require that we
comply with ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free from
material misstatement.
4. An audit involves performing
procedures to obtain audit evidence about the amounts and disclosures in the
financial statements. The procedures selected depend on the auditor’s judgment,
including the assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error. In making those risk assessments,
the auditor considers internal control relevant to the Society’s preparation
and fair presentation of the financial statements in order to design audit
procedures that are appropriate in the circumstances. An audit also includes
evaluating the appropriateness of accounting policies used and the
reasonableness of the accounting estimates made by management, as well as
evaluating the overall presentation of the financial statements.
5. We believe that the audit evidence we
have obtained is sufficient and appropriate to provide a basis for our audit
opinion.
Opinion
6. In our
opinion and to the best of our information and according to the explanations
given to us, the said accounts together with the notes thereon give the
information required as per the Maharashtra Co-operative Societies Act 1960 and
the Maharashtra Co-operative Societies Rules 1961, and any other applicable
Acts, and or circulars issued by the Registrar, in the manner so required for
the society gives a true and fair view in conformity with the accounting
principles generally accepted in India:
(i)
in the case of the Balance Sheet, of the state of affairs of the society as at
31st March 2016;
(ii)
in the case of the Statement of profit and loss / Income & Expenditure of
the profit/loss for the year ended on that date; and
Report
on Other Legal and Regulatory Matters
7. The Balance Sheet and the Profit and
Loss Account have been drawn up in accordance with the provisions of the
Maharashtra State Co-operative Act.
8. We report that :
(a)
We have obtained all the information and explanations which, to the best of our
knowledge and belief, were necessary for the purpose of our audit and have
found them to be satisfactory.
(b)
The transactions of the Society, which have come to our notice, have been
within the powers of the Society.
(c)
The returns received from the offices and branches of the Society have been
found adequate for the purposes of our audit.
9. In our opinion, the Balance Sheet and
Profit and Loss / Income & Expenditure Account comply with applicable
Accounting Standards.
10. We further report that :
(i)
The Balance Sheet and Profit and Loss / Income & Expenditure Account dealt
with by this report, are in agreement with the books of account and the
returns.
(ii)
In our opinion, proper books of account as required by law have been kept by
the Society so far as appears from our examination of these books.
(iii)
The reports on the accounts of the branches audited by branch auditors have
been dealt with in preparing our report in the manner considered necessary by
us.
(iv)
for the year under audit, the society has been awarded “__” classification.
Signature
(Name of
the Member Signing the Audit Report / Name of Auditor)
(Designation)
Membership
Number
Firm
Registration Number
Audit
Panel Number
Place of
Signature:
Date of
Report:
Note :- in case the auditor have not
audited all branches or taken assistance of other auditor or branches are
audited by another auditor appointed by bank, following lines should be
inserted in above report.
*These
unaudited branches account for ______________________ per cent of advances,
_______________
Per cent of deposits, ___________________ per cent of interest income
and____________________
Per cent of interest expense.
---------------------------------------END OF PAGE------------------------------------------
_________________________________________________________________________
Part A :-
1. Financial embezzlement : Nil
2. Misappropriation of
funds : Nil
3. Improper appropriation
of funds : Nil
4. Effects of the
transaction to be caused on : Loss of interest because of the
society due to policy decision. keeping
huge balance in saving
a/c.
5. Improper and irregular
loan transaction : Nil
6. Improper investment : Nil
INFRIGMENT
OF THE M.C.S. ACT 1960 RULES 1961 & THE BYE-LAWS OF THE SOCIETY
|
Sr.No.
|
Act
|
Rules
|
Bye-Laws
|
Details Of
Infringements
|
|
1
|
38
|
32
|
141(i)
|
Member’s register in I form.
|
|
2>>>
|
--
|
26
|
32
|
NOMINATION NOT FULLY
RECEIVED
|
|
3
|
|
33
|
141(2)
|
List of members in
“j” form not kept on record
|
|
4
|
82
|
73
|
153
|
Audit rectification report in prescribed “O” form submission to registrar witin prescribed limit.
|
|
5>>>
|
|
|
154
|
Conveyance of the
property
|
|
6>>>
|
|
|
160
|
Insurance of
building
|
|
7
|
071 (a)
|
|
|
Defaulter member 3
months
|
|
8
|
|
|
127 (i)
|
Managing committee
meeting
|
|
9>>>
|
|
|
145
|
Payment beyond the
limit in cash
|
|
10
|
75(iI)
|
|
95(9)
|
A G M
within prescribed limit
|
|
11>>>
|
24(a)
|
14
|
Education &
Training fund collection
|
|
|
12>>>
|
70
|
54,55
|
15
|
Investment of fund
|
|
13>>>
|
|
65
|
141 (I to 16)
|
Required registers
to be kept (property reg.)
|
|
14
|
73
|
|
115
|
Reservation for female member on the managing committee.
|
|
15.
|
73FF
|
|
119 B
|
Disqualification for membership of managing committee.
|
|
16
|
29
|
|
|
Restriction of transfer of shares & property.
|
|
17
|
|
|
9
|
Issue of share certificates to the members witin the prescribed limit.
|
|
18.
|
|
61
|
146(a)
|
Drafting financial statement after the prescribed limit.
|
|
19
|
|
|
144
|
Cash in hand beyond the prescribed limit..
|
|
20
|
160
|
|
124
|
Handover the charge to new
committee.
|
|
22>>>
|
73 b 73 c
|
|
114
|
Strength of the
meeting.
|
Pl.note
: Only >>> mark breach are applicable to the society
-----------------------------------------END OF PAGE--------------------------------------------
Part B :-
A Management part : Introduction :
Name of the society :
--------
Register Address : -------
Reg. no & date : -------
Period of audit : --------
Audit classification : -------
Society’s last election : -------
Date of end of the
tenure of : -------
Present committee :
-----------------------------------------------------------------------------------------------------------------
2 Membership : ----------
3 No of committee meeting : ------------
4 Annual general meeting : -----------
5 Special general meetings :
-----------
6 Audit compliance report : ----------
7 Compliance of statutory : -------------
Controls.
B Finance management :
1. Appropriation of funds : No
2. Provisions : Provisions made towards outstanding
liabilities.
C Loan transactions : Not
applicable
Cash
balance :
Rs.-------- were lying in hands at the
end of 31-03-2015.
Bank
Balance :
Society has saving a/c in following banks.The details are as under.
T.D.C.C Bank
Rs. ----------
Thane District Central
Co-op Bank Rs. -------
Society’s liabilities status as on 31-03-2016.
Watchman Salary payable Rs.
------
Audit fee payable Rs.
------
Electriicty charges
payable Rs.
------
Education fund Rs -----
Valuation of property :
Land & building : Not
shown in the balance sheet.
1.
No
personal expenses recorded in income & expenditure a/c.
2.
All
the expenses incurred for fulfilling the objectives of the society.
3.
There
are no such transaction which hurts the interest of the society.
4.
Society
is fulfilling its liability towards the members
5.
There
is not any loan kept overdue by the society.
6.
Amount
to be spent for fulfilling the objectives : Yes but not other than routine
management expenses.
7.
Society
has not received any financial assistance from any authority for fulfillment of
its objectives.
Society’s managing committee
formed on Date: as follows.
--------------------- Secretary
-------------------- Chairman
-------------------- Treasurer
---------------------- Member
---------------------- Member
--------------------------------END OF PAGE---------------------
PART C :
Audit objections & general remarks.
Compliance of the following not done
1
Conveyance
deed is not yet executed.
2
Insurance
of the society premises is not yet taken.
3
Audit
rectification report not submitted to Registrar for the audit memo of 2014.
4
Education
fund is due for the year 2013-14.
5
No
affiliation has been taken with the district housing federation.
6
Sinking
fund not provided in the balance sheet.
7
Society
has not filed Income Tax Return for the income of mobile tower rent.
8
Property & lean register not kept on
records.
9
Fixed
deposit not taken in 2013-14 & 2014-15 also.Society should have taken fixed
deposit of share capital, reserve fund & sinking fund.
10 Huge balance in saving
a/c.Society has maintained huge balance in saving a/c throughout the
year.Society should have kept at least 450.000.00 in short or medium term fixed
deposit.There is a interest loss of Rs.25546.00 during 2013-14 & 2014-15.
11 Membership to the
members : There are 12 members in the society.out of which 11 members are
regularize & adopted as the members of the society & the membership of
Sr.12, the previous land owner is not yet cleared on the grounds of settlement
of prior liabilities & submission of proper documentation to the society.
Suggestions.
1
Send
audit rectification report within 90 days from the date of obtaining audit
report.
2
Provide
for sinking fund @ .25% from the available funds.
3
Don’t
keep huge balance in saving a/c. Surplus amount in hand must be invested in
short or medium term fixed deposits.
4
Keep
cash in hand below Rs.5000.00.Erroer of crossing the maximum limit is appearing
because the society is withdrawing the funds in the ending days of the month.if
these are withdrawn in first week this error will be automatically rectified.
5
Strength
of the managing committee shall be 6 male members 2 female members.
6
Take
the insurance of the society premises.
7
Form
a special grievance redresser committee of senior person to bridge
co-ordination between the members & the managing committee.
8
Society
should comply general remarks no 1 to 11 at the earliest.
DATE : PLACE
:
------------- END OF PAGE ---------------
Statutory Report as required u/s 81
(2)
PERIOD OF AUDIT :
-----------------
Schedule:
I. Transaction involving
infringement of the provisions of the Act.
Rules and
Bye_laws.
: Vide
General Remarks.
Schedule:
II. Particulars of sums,
which ought to have been but have not been
Brought in
to the account.
: NIL
Schedule:
III. Improper and irregular payments.
: NIL
Schedule:
IV: List of doubtful
debts.
: NIL
Schedule:
V. List of Movable &
Immovable Property and Other Assets.
Considered
doubtful of realization.
: NIL
DATE :
PLACE :
_________________________________________________________________________
NAME
OF THE SOCIETY : -----------
PERIOD OF AUDIT :
------------
DATE :
PLACE:
-------------END OF PAGE----------
FORM NO. 1
(AUDIT MEMO FOR ALL TYPES OF CO-OP SOCIETIES)
|
NAME OF THE SOCIETY
SR. NO. OF THE AUDIT MEMO
AS PER AUDIT REGISTER
TALUKA OR BLOCK
DISTRICT
REG NO
FULL REGISTER ADDRESS
DATE OF REGISTRATION
AREA OF OEPRATION
NO OF BRANCHES DEPOSIT AND SHOPS (GIVE
(REMARKS)
|
|
||||||||
1. AUDIT INFORMATION
|
|||||||||
|
1)
|
FULL
NAME, DESIGNATION & HEAD QUARTERS OF THE AUDITING OFFICER
|
|
|||||||
|
2)
|
PERIOD
COVERED DURING THE PRESENT AUDIT
|
|
|||||||
|
3)
|
DATE
ON WHICH
|
|
|||||||
|
|
1) AUDIT WAS CONMMENCED AND
CONTINUED
|
|
|||||||
|
|
2)
AUDIT WAS COMPLETED
|
|
|||||||
|
|
3)
AUDIT MEMO WAS SUBMITTED
|
|
|||||||
|
2. MEMBERSHIP
|
|||||||||
|
i.
|
NO.
OF MEMBERS: a) Individuals i)Ordinary Ii)
Nominal
B)
Societies
C) Others
Give
details of other Members, if any.
|
11
+1
|
|||||||
|
|
TOTAL
|
11+1
|
|||||||
|
ii)
|
Have
new members been duly admitted? Have they paid entrance fees?
|
No share transfers during 2014-15.
|
|||||||
|
iii)
|
Are
their written applications in order & are they filed properly?
|
==do==
|
|||||||
|
iv)
|
Is
the member’s register kept in Form “I” prescribed under Rules 32 and 65 (i)
of M.C.S. Rules 1961?
|
Yes
|
|||||||
|
v)
|
Is
the list of members kept in Form “J” under Rule 33 of the M.C.S. Rules 1961?
|
Yes
|
|||||||
|
vi)
|
Have
due remarks been pass against the names of the deceased, dismissed, or
resigned members in the member’s register?
|
No share transfer during 2014-15.
|
|||||||
|
vii)
|
Are
resignations in order and are they duly accepted?
|
No
resignations receivd in 2014-15
|
|||||||
|
viii)
|
Have
nominations made under Rule 25 of the M.C.S. Rules 1961 been duly entered in
the nomination register under rule 26?
|
Yes
Register
not yet maintained.
|
|||||||
|
3)
SHARES
|
|||||||||
|
i)
|
Are
applications for shares in order?
|
Yes
Except Memb sr no 12
|
|||||||
|
ii)
|
Is
share register written up-to-date?
|
Yes
|
|||||||
|
iii)
|
Do
the entries in share register tally with the entries in the cash book?
|
Yes
|
|||||||
|
iv)
|
Is share ledger written
up-to-date?
|
NA
|
|||||||
|
v)
|
Do
the total of share ledger balances tally with the figures of share capital in
the balance sheet?
|
NA
|
|||||||
|
vi)
|
Have
share certificates been issued to the share holders for the entire share
subscribed?
|
No
|
|||||||
|
vii)
|
Are
share transfers and refunds in accordance with the provisions of the
Bye-laws, Act and Rules?
|
No
share transfer in 2014-15
|
|||||||
|
4)
OUTSIDE BORROWINGS
|
|||||||||
|
i)
|
What
is the limit fixed in the Bye-laws for borrowings of the society?
|
No
outstanding borrowings.
|
|||||||
|
ii)
|
Has
it been extended?
|
Not
applicable.
|
|||||||
|
iii)
|
If
so, state whether necessary permission has been obtained from the competent
authority?
|
Not
applicable.
|
|||||||
|
5)
MEETINGS
|
|||||||||
|
i)
|
Give
dates of
a) Annual General Meeting
b) Special general Meeting
|
|
|||||||
|
ii)
|
State
the no. of meetings held during the period as follows : -
a) Board or Managing Committee Meetings
b) Executive or Sub-Committee Meetings
c) Other Meetings
|
-
|
|||||||
|
6)
RECTIFICATION REPORT
|
|||||||||
|
i)
|
Has
the society submitted audit rectification reports of the previous audit
memos? If so, give the dates of
submission. If not, state the reason
for non submission
|
|
|||||||
|
ii)
|
Have
any important points mentioned in the previous audit memos been neglected by
the society. If so, state them in
general remarks
|
|
|||||||
|
7)
AUDIT FEES
|
|||||||||
|
i)
|
Give
amount of fees last assessed – state period for which assessed:
|
|
|||||||
|
|
State
the date of recovery of the audit fees, name of Treasury and amount
credited.(Give No. & date of Treasury Challan)
|
|
|||||||
|
ii)
|
If
the audit fees have not been paid by the Society, give details about
outstanding audit fees and reasons for non-payments.
|
|
|||||||
|
8)
INTERNAL OR LOCAL AUDIT
|
|||||||||
|
i)
|
If
there is internal or local audit state by whom is it done, period covered and
whether memo is on the record of the Society.
|
|
|||||||
|
ii)
|
State
whether there is proper co-ordination between Statutory Auditor and Internal
Auditor
|
|
|||||||
|
9)
MANAGING DIRECTOR / MANAGER / SECRETARY
|
|||||||||
|
A i)
|
Name
of the Officer:
|
|
|||||||
|
ii)
|
Pay
drawn:
|
|
|||||||
|
|
Grade:
|
|
|||||||
|
iii)
|
State
other allowances, if any, any facilities given such as rent free quarters
etc.
|
|
|||||||
|
iv)
|
State
whether he is a member.
|
|
|||||||
|
v)
|
If
so, whether he has borrowed or has been given any credit facilities? State
the amount borrowed and the amount over dues if any.
|
|
|||||||
|
vi)
|
If
other amounts are due from him, give details
|
|
|||||||
|
B)
|
Obtain
a list of staff showing names, designations, qualifications, scales, present
pay and allowances given, dates from which employed, security furnished.
|
|
|||||||
|
07)
BREACHES
|
|||||||||
|
i)
|
Do
the society posses a copy of Act, Rules and the registered Byelaws?
|
|
|||||||
|
ii)
|
Give
only no. of breaches of the Act, Rules and Bye-laws.
1) Section Nos.
……………….
2) Rules Nos.
……………….
3) Bye-laws Nos...……………….
|
|
|||||||
|
iii)
|
Have
any rules been framed under the Byelaws?
Are
they approved by appropriate authority?
Are
they properly followed? (These breaches should discussed in brief in general
remarks)
|
||||||||
|
11)
PROFIT & LOSS
|
|||||||||
|
i)
|
What
is the amount of profit earned or losses incurred during the last
co-operative year?
|
|
|||||||
|
ii)
|
State
how the net profits are distributed?
(In
case of non business societies, figures of surplus or deficit may be given
against query No. 11 (1) above
|
||||||||
|
12)
CASH, BANK BALANCES AND SECURITIES
|
|||||||||
|
(a)
|
Cash
:
|
|
|||||||
|
1)
|
Count
cash and sign the cash book stating the amount so counted and the date on
which counted
|
|
|||||||
|
2)
|
Who
produced the cash for counting? Give his name & designation. Is he authorised to keep cash?
|
|
|||||||
|
3)
|
Is
it correct according to the cashbook?
|
|
|||||||
|
4)
|
Are
the arrangement for safety of cash in safe and cash in transit adequate?
|
|
|||||||
|
(b)
|
Bank
Balance
Do
the bank balances shown in bank pass book or bank statements and the bank
balance certificates tally with such balances shown in the books of accounts?
|
|
|||||||
|
(c)
|
Securities
|
|
|||||||
|
1)
|
Verify
securities physically and see whether they are in the name of the society.
|
|
|||||||
|
2)
|
Are
dividends and interest being duly collected?
|
|
|||||||
|
3)
|
If
securities are lodged with the bank, are relevant certificates obtained?
|
|
|||||||
|
4)
|
Is
investment register kept & maintained up-to-date
|
|
|||||||
|
13)
MOVEABLE & IMMOVEABLE PROPERTY
|
|||||||||
|
1)
|
Are
relevant registers maintain and written up-to-date
|
|
|||||||
|
2)
|
Verify
property physically and obtain its list.
Do
the balances tally with balance sheet figures
|
|
|||||||
|
3)
|
In
case of immovable property including land, verify title deeds & see
whether they are in the name of society.
|
|
|||||||
|
4)
|
Is
the property is duly insured wherever necessary, If so, give details in
general remarks
|
|
|||||||
|
|
|
|
|||||||
|
5)
|
DEPRECIATION
i)
Is due depreciation charged?
What
is the rate of depreciation charged on various assets?
|
|
|||||||
|
6)
|
Have
you discussed the draft audit memo in the Board or Managing Committee
Meeting? If not state the reason for the same.
|
|
|||||||
DATE :
PLACE:
------------END OF PAGE ---------
FORM NO. 28
Audit Memo
Co-operative Housing Societies
Part II
I.
Borrowings:
(i) State the loans obtained by the Society for
various purposes from Government & other agencies:
1.Agency Sanctioning Loan :
2.Purpose for which the Loan is
sanctioned. :
- Amount of Loan Sanctioned :
4.
Maximum amount drawn :
5.
Repayments made :
6.
Outstanding:
7.
Amount overdue, if any :
8.
Remarks :
(ii) Are repayments of loans punctual.:
. (iii) Are all conditions laid down for grant of
various
loans and credits observed?
Note breaches, if any. : (iv) Are
necessary documents executed in favour of the authority sanctioning the loan.
2.
Government Financial
Assistance:
(i) What is the amount of Government subsidy
sanctioned and received by
the Society. : .
(ii) Has Government sanctioned any amount for
land development? If so, state the amount. Have
development expenses exceeded the said amount. :
3.
Membership:
(i) State whether in case of backward class co-operative
housing societies, certificates from the
social welfare officers are obtained for their
eligibility to membership and obtaining of financial assistance. :
(ii) State whether certificates are obtained
from
officers of the concerned industry in case of the
subsidized industrial housing scheme.:
(iii) Have declarations been obtained from members
that they and their family members do not own lands or houses in the area of operation of the
Society as
per provisions in the Bye-laws.
4.
Lands and their
developments:
(i) State whether lands for
constructions of houses have been
secured, purchased or obtained on lease.
Give details of the lands, stating total area, survey
Nos. and C.R.S. Nos. if any, price for which
purchased, lease rent
etc. :
(ii) See the title deeds and ascertain whether they
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are properly executed in
favour of the Society
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(iii) State how the land
has been utilised for
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(a) Construction of
houses
(b) Construction of roads
(c) Open spaces
(d) Other Purposes give
details
(iv) Have the layouts and
plans for development
been approved by the
Municipal authorities before
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actual
commencement of the work :
(v) Have completion certificates been
obtained
from appropriate authorities for drainage, water
supply, roads, etc. before construction work of
buildings is commenced :
5.
Construction of
Buildings:
(i) (a) Have building
constructions commenced : (b) State the
no. of houses or flats constructed and under
construction. :
(c) Have the completed houses and flats
allotted to
Members. :
(ii) Are building constructed on contract basis?
See the terms and conditions of contracts and state
whether they have been properly observed.
Note breaches, if any. :
.
(iii) Are these contracts properly sanctioned by the
competent authority as per Byelaws of the Society :
(iv) Have tenders or quotations been called after giving due advertisements in local
newspapers, If the works are not given
to the contractors quoting
the lowest figures,
see whether reasons for the same
are recorded. :
(v) Are contractors paid after necessary work
progress certificates are
obtained from the Architect. Are running and final bills obtained before
payment
are made to the contractors. :
(vi) See the terms on which the architects are
employed. Are there any
breaches. :
(vii) See whether completion certificates have been
obtained from the qualified engineers and architects,
stating that the constructions have been completed
according to approved plans, specifications and
other terms of contracts. :
(viii) Is a property register kept in proper form?
Is it written up-to-date. :
(ix) When buildings are build departmentally, state
whether the following books are kept and written
up-to-date. :
(a) Job registers and
measurement books. :
(b) Stock registers. :
(c) Are valuation certificates from qualified
engineers and/ or
architects obtained :
(d) Is expenditure allocated properly between items
of capital and revenue
nature :
(x) State whether building has been constructed
according to the original plans and estimates
submitted with the loan applications and which are
approved by the competent authority. Are there
any deviations? If so, are they got approved from
the competent authority. :
(xi) In case of flat-owners societies, see whether
titles to the land have been transferred in the name
of the society. :
(xii) Are buildings and constructions got insured. :
(xiii) In case of flat-owners societies,
have the promoters fulfilled their
obligations as per agreement entered
with them by the members prior to the registration of the Society.
(xiv) Examine the agreements entered into with the promoters and see whether they are in the
interest of the society. :
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(xv) Has the Society executed lease deeds in favour
of members for giving plots and/or buildings on
lease to them. :
(xvi) Has the Society created sinking fund as per
provisions of the
Bye-laws. :
(xvii) Examine the basis on which monthly rents or
contributions are fixed in case of tenant co-partnership
societies or flats owners societies and see that the
following items are
adequately covered. :
(i) Amounts required for re-payments of loan
instalments. :
(ii) Municipal and other
taxes. :
(iii) Lease rent :
(iv) Service charges and common
expenses :
(v) Contribution to the sinking fund.
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6.
Loans to Members:
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(i) Are recoveries of
loans punctual
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(ii) State the amounts of
over-dues.
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(iii) State what steps are being taken to recover
overdue.
7.
Expenditure
Has the expenditure been approved by the
Date:
Place:
