How do you audit a cooperative housing society?

How do you audit a cooperative housing society?

The first step is to appoint a Statutory Auditor from the panel of Auditors approved by the State Government or an experienced Chartered Accountant who holds a Certificate in Cooperative Audit issued by a recognized authority.

How do you audit the accounts of co Cooperative Society?

Audit of Co-operative Society. The Registrar shall audit or cause to be audited by some person authorized by him by general or special order in writing on his behalf, the accounts of every registered society once at least every year.

What audit is compulsory for a co-operative society?

Tax Audit Tax audit is compulsory if turnover of society (engaged in business) is more than ` 1 crore (w.e.f. A.Y.

Where do I submit a society audit report?

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.

What is the audit report?

An audit report is a written opinion of an auditor regarding an entity’s financial statements. The report is written in a standard format, as mandated by generally accepted auditing standards (GAAS).

What is cooperative auditing?

Cooperative audit serves the following purposes: (a)Members of the society are to be satisfied that the affairs of the society are managedproperly and on sound business principles. This is made possible by the auditor’s report on the working of the society.

What are the types of audit?

What Is an Audit?

• There are three main types of audits: external audits, internal audits, and Internal Revenue Service (IRS) audits.
• External audits are commonly performed by Certified Public Accounting (CPA) firms and result in an auditor’s opinion which is included in the audit report.

What is the difference between cooperative audit and company audit?

The basic objective of a cooperative organisation is to provide essential service for the benefit of members. On the other hand, a company is a business organisation with the objective of earning profit.

How do you format an audit report?

Let us discuss the above format of the audit report in detail.

1. #1 – Title. The title should mention – ‘Independent Auditor’s Report.
2. #2 – Addressee.
3. #3 – Introductory Paragraph.
4. #4 – Management’s Responsibility.
5. #5 – Auditor’s Responsibility.
6. #6 – Opinion.
7. #7 – Basis of the Opinion.
8. #8 – Other Reporting Responsibility.

How do I write an audit report?

How to Create an Audit Report

1. Indicate the exact date, time and location of the audit at the beginning of the report.
2. Explain what steps the auditors used throughout the process.
3. Provide all evidence and data recorded during the audit process.
4. Write down all conclusions drawn directly from the data.

What does an auditor of a co-operative society need to do?

An auditor of a co-operative society is required to point out the infringement with the provisions of Co-operative Societies Act and Rules and bye-laws. The financial implications of such infringements should be properly assessed by the auditor and they should be reported.

When to submit audit report in O form?

Audit memorandum viz. form no. 1 & form no 28. Society is instructed to submit audit rectification report in “O” form within three months from the date of obtaining audit report to the office of registrar of co-operative societies without fail. Place: Vasai Firm Reg.No.______________

What should be included in an audit report?

1. Statement of Income and expenditure Account & the Balance Sheet 2. Auditors certificates, brief introduction & comment on the present status of the society, Auditors Report with audit objections, observations & general remarks & other mandatory details of the society viz table 1, 2 & 3. 3.

How many members are there in a housing society?

11 Membership to the members : There are 12 members in the society.out of which 11 members are regularize & adopted as the members of the society & the membership of Sr.12, the previous land owner is not yet cleared on the grounds of settlement of prior liabilities & submission of proper documentation to the society. Suggestions.