Chartered Accountant · ICAI M.No. 153926 · FRN 136869W
Audit is mandatory
A co-operative housing society is not optional about audit — the state Co-operative Societies Act requires annual audit of its accounts, whatever the society’s size or income. In Maharashtra this flows from Section 81 of the Maharashtra Co-operative Societies Act, 1960; other states have equivalent provisions.
Who does it and by when
The audit must be conducted by an auditor on the Registrar’s approved panel — a chartered accountant or certified co-operative auditor — appointed by the general body. The audited accounts and the auditor’s report are filed with the Registrar within the statutory timeline each year. Timelines and panel rules vary by state — confirm yours.
A worked example
Example: a 40-flat Mumbai society, even with modest maintenance collections, must appoint a panel auditor and complete its Section 81 audit each year, then file with the Registrar. A society that skips it exposes its managing committee to action by the Registrar. The audit also reassures members the funds are handled properly. Our firm undertakes housing-society audits; our team can audit yours.