Co-operative housing society Audit!

The report should be submitted to the office of the Deputy Registrar by 31st July after conducting audit (Section 81).

Annual General Meeting (Section 75) should be convened before September 30.

The Annual Meeting (AGM) approves resolutions mainly by discussing the annual report, appropriation of balance, amendment of Bye-Laws, election, audit report, amendment report of previous audit, appointment of auditor.

See this Article also : Calculation of Rate of Interest on Society Dues

The Committee shall give an explanation to the Registrar within 3 months from the date of the audit report on the irregularities and defects found in the audit report (in O format as per rule 73). Also, measures should be taken to rectify the defect (Audit Rectification report). Failure to present the Audit Correction Report (Section 82) at the Annual Meeting, all the members of the Committee are presumed to have committed an offense under Section 146 and are liable to a penalty of Rs.5000/-.

Members! If your committee makes such a mistake or fails to conduct an audit Teach them a lesson. As per Section 83, the Registrar can also be questioned on the application made by 1/5 of the members. The Registrar has the power to inquire into the misconduct of the Management Committee.

The Registrar has the right to seek compensation from the responsible / guilty person if any misrepresentation is revealed from the auditor's report, or if the interests of the organization are endangered (Section 88). Unfortunately the audit of a housing organization has become a neglected system.

The auditor has a lot of authority in the following ways, but it is doubtful that the auditor will be using it.

1. If the auditor concludes in the audit report that any person or accountant is guilty of any offense, the report must be submitted to the Registrar within 15 days from the date of submission of the audit report and the Registrar must file an FIR with permission.
2.  The auditor has the right to view all the documents, records and books of the organization.
3. The person concerned has the right to call and ask for the appropriate information.
4. The General Assembly has the right to be notified, to attend and to express its opinion.

This might help You: Bye-Laws amendments for housing society disputes resolutions

Important:-
If the auditor feels that the loss of the organization is due to the members or officers of the organization or any other person, he should prepare a special report and submit it to the Registrar. Failure to do so is considered to be a deliberate breach of the duty by the auditor, as a result of which he may be removed from the audit nominee.

Click here for Accounts management And Audits.

Why is the audit not done on time?

1. The office bearers give secondary place to the work of the organization.
2. The president, secretary and treasurer work at a discount.
3. In order to save money, they become clerks themselves and do not even complete the work.
4. Receipts and accruals for the year that are not calculated at that time result in increased workload, then the work is doomed, and then the work is not done.

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