Can a Society Member be its Auditor?

Dear All,

In my Firm, the Principal/ Boss has been appointed as the statutory auditor of the society where he resides.He is the joint owner of the 2 houses in that building.Please suggest in the above case whether a member is allowed to be society auditor. As far as Company law is concerned, the is not acceptable in my opinion.Your opinion required from society Act point of view and some other guidelines notes issued from ICAI in this connection. Citation of some case will be appreciable.