Internal Auditing
The society may consider appointing an Internal Auditor to audit accounts of the society at the AGM and fix his remuneration normally. Member of the Society is appointed who is in that Profession.
In Such Profession if member is not available then Chartered Accountant or Certified Auditor can be appointed to do Internal Auditing. After doing Internal Audit, final accounts are to be prepared. After Internal Audit, Accounts are put for Statutory Audit of Co-operatives as per Maharashtra State Co-op. Act.
Internal Auditor has all powers to check all Accounts Book, Statutory book and Relevant Documents. Internal Auditor is appointed in AGM or if AGM gives authority to Managing Committee then Managing Committee can appoint Internal Auditor and fix his remuneration.
Appointment of Statutory Auditor
In normal course Auditors are appointed in Annual General Meeting. As per Co-op. Housing Society earlier provision auditor is to be changed after every three years. You have to appoint Auditor from the Government Panel List of Auditor maintained by the Commissioner Co-operation, Pune.
- In the Annual General Meeting proposal for appointment is placed before the Member. It is discussed and resolution is passed for appointment of Auditor. Accordingly the Auditor is informed by letter duly signed by Chairman and Secretary.
- Procedure to appoint Statutory Auditor online is to be followed. The Society has to register online and have to obtain ID No. and Password. After Appointment the Society has to up load the Appointment Letter of Auditor and Resolution. The Society has to send request to the Auditor. There after the Auditor is uploading his consent letter and gives his consent for Audit. Thereafter Online Audit Order is generated in the name of Society and Auditor panel number.
After appointment of Auditor all accounts books, statutory books are to be completed or to get it completed within 45 days from end of the year. Further within 45 days the Auditor has to complete his audit and submit report to the Society. Further within 45 days the Committee has to call AGM and has to place Accounts Report before Members. If Accounts ended on 31st March, Accounts completion last date is 15th May, and to get it Audit last date 30th June and to present and approve before AGM is 30th September every year. Extension time provision has been omitted. Conducting AGM before 30th September is mandatory.
Other Documents
All files related to Society, Government and Other Authorities
Auditors Functions
- As per section 81 of Maharashtra State Co-operative Society Act 1960 Auditing must be done from last date to end of Accounting year or as per Registrar Direction.
- In prescribed format of A, B, C – Audit Report, Accounts statement along with Balance Sheet is to be prepared and it should be submitted to –
- One copy to Society (Original)
- One copy of D.S.A.
- One copy to Dy. Registrar of Co-op. Dept.
and obtain receipt of the same.
- In the Report of the Auditor following details should be there –
- Society’s Income and Expenditure A/c or Profit and Loss for the Audit period.
- Financial position of the Society i.e. Balance Sheet
Other than these following matters are to be mentioned –
- Whether Auditor has collected all required information for the Audit from the Society.
- Checked Income and Expenditure statement as per books maintained by the Society or not
- In respect of above points if answer is negative then reasons for that is to be mentioned by Auditor in Audit Remarks
Audit Remarks
Auditor has to disclose breaches, offences done by the Society Management as per Bye Law and Maharashtra State Co-operative Society Act 1960 and Rule framed there under. Normally following remarks comes when provisions of the Byelaw and Maharashtra State Co-operative Act 1960 are over ruled.
