Wat can be done if u given to do the audit of a welfare society.
The audit has been assigned to u by the management and NOT by the Registrar of Societies.
The general body has asked u to audit the accounts as a compliance procedure of the MOA of the society.
Which act should be used under which the audit can be done. Societies Act, IT Act or any other..??
The audit needs to performed as per Sec 25 of the Companies Act,1956, as it is a company liscensed to work u/s 25 for the purpose of providing welfare and not with the aim of earning income.
Thanks for writing back..!!
But I dont think we can assume it to be a company licensed u/s 25 of the Co's Act..
Instead the society is registered under societies act 1880
And is a society for the welfare of the officers wives aimed at provivding help for the purposes like..providing scholarships, to chldren, some kind of financial support to the 3rd grade and 4th grade employees etc..
CAclubindia
