Audits & Accounts for Co-op. Housing Society, Pune

We offer professional audits & accounting services in and around Pune with a team of experienced and diverse professionals. Our distinguishing feature is that we are service driven and strive at all times to be a one-stop solution for our clients’ audits and accounting business advisory requirements. We make a strong commitment to our clients, and have a vested interest in their finance related management.

The scope of audit in case of a Co-operative Housing Society

As per section 81(2) of the MCS Act, 1960, following are the scope of the auditors:

The audit under sub-section (1) shall “be carried out as per Auditing Standards notified by the State Government from time to time and shall also”; include examination or verification of the following items, namely

• Over dues of debts, if any;
• Cash balance and securities and a valuation of the assets and liabilities of the society
• Whether loan and advances and debts made by the society on the basis of security have been properly secured and the terms on which such loans and advances are made or debts are incurred are not pre-judicial to the interest of the society and its members.
• Whether transactions of the society which are presented merely by book entries are not prejudicial to the interest of the society.
• Whether loans and advances made by the society have been shown as deposits;
• Whether personal expenses have been charged to revenue account
• Whether the society has incurred any expenditure in furtherance of its objects;
• Whether the society has properly utilized the financial assistance granted by government or Government undertakings or financial institutions, for the purpose for which such assistance was granted;
• Whether the society is properly carrying out its objects and obligations towards members