Co-operative housing society audit

This query is : Resolved

CA Harish Shyam Choudhary (Querist)
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26 October 2013 DEAR EXPERT,

IS IT REQUIRED BY CO-OPERATIVE HOUSING SOCIETY TO AUDIT ITS ACCOUNTS.

AND WHETHER AN CHARTERED ACCOUNTANT HOLDING COP(RECENTLY) CAN AUDIT THE ACCOUNTS OF SOCIETY REGISTERED UNDER MAHARASHTRA CO-OPERATIVE ACT.

Nikhil Kaushik

Nikhil Kaushik (Expert)
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26 October 2013 Dear Harish.

You may refer to Section 81 of the The Maharashtra Co -Operative Societies Act
I960.

[(1) (a) The Registrar shall audit, or cause to be audited, at least once in
each co - operative year, by a person authorised by him by general or special order in writing in this behalf, the accounts of every society which has been given (financial assistance including guarantee by the State Government
[or Government undertakings, from time to time, and the accounts of the apex societies. State and District
Level Federal Societies, District Central Co-operative Banks, Co-operative Sugar Factories, Urban Co-operative Banks, Co
-operative Spinning Mills, District
and Tuluka Co-operative Sale and Purchase
Organisations, and any such Society
of class of Societies which the Sta
te Government may, from time to
time, by notification in the Official
Gazette specify].

(b) The societies other than the societies referred to in clause (a) shall arrange
to get their accounts audited, at least once in each co-operative year, by an auditor from the panel of auditors maintained by the Registrar, or by a chartered accountant holding a certificate in co-operative audit issued by the Institute of Chartered Accountants of India.

Provided that, the Registrar may, for reasons to be recorded in writing, audit or cause to be audited accounts of any such societies of any year and at
any time.]

Thus, you can audit a cooperative society only if you are empaneled with the Registrar of Societies or you hold Certificate in Cooperative Audit issued by ICAI.

Refer https://www.icai.org/new_post.html?post_id=9996&c_id=240

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abdulqadir

abdulqadir (Expert)
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21 June 2018 Following the above artcile
From point b it is clear that ca not on panel can also audit the accounts of housing society who has not taken any loan from govt?

Nikhil Kaushik

Nikhil Kaushik (Expert)
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21 June 2018 can you are commenting on this just 4.5 years late?

abdulqadir

abdulqadir (Expert)
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21 June 2018 saw this post today so commenting so best posiible way to avoid uncessary talk is reply if you know the answer