Chartered Accountant · ICAI M.No. 153926 · FRN 136869W
The governing law
A co-operative housing society’s audit is governed not by the Companies Act but by the state Co-operative Societies Act — in Maharashtra, Section 81 of the Maharashtra Co-operative Societies Act, 1960. Every society must have its accounts audited annually, regardless of size.
Who is eligible
The auditor must be on the panel of auditors approved by the state Registrar of Co-operative Societies — this includes chartered accountants and certified/government co-operative auditors who are empanelled. The society appoints the auditor from this panel at its general body meeting. Panel rules and timelines vary by state — confirm yours.
A worked example
Example: a Mumbai housing society appoints a panel CA to audit its FY accounts under Section 81; the auditor reports on the accounts, the managing committee’s compliance, and any rectifications, and the audit is filed with the Registrar within the timeline. Societies that delay face Registrar action. Our firm undertakes housing-society audits under the co-operative law. Our team can audit your society.