Cooperative Society Audit.
Co-operative societies, including housing societies, must have their accounts audited every year under the state co-operative law, by an auditor from the panel approved by the state government; in Maharashtra this is the Maharashtra Co-operative Societies Act, 1960. We audit the accounts, review compliance with the Act and the bye-laws, and issue the audit report with the classification the Registrar requires.
Typically 1–3 weeks after the year's accounts are written up. The number of members, loan files and objections pending from earlier audits drive the time.
A partner — a chartered accountant or company secretary — from the first call to sign-off.
Based on your situation, and fixed in writing before any work starts.
Is this for you?
- Co-operative housing and premises societies
- Credit co-operative societies and other registered co-operatives
- Societies with earlier audit objections still to be rectified
- Multi-state co-operative societies, which follow central law
What you receive at the end.
- 01Audited financial statements
- 02Statutory audit report with audit memo and classification
- 03List of objections and recommended rectifications
- 04Support with the society's rectification report
Cooperative Society Audit, step by step.
Typically 1–3 weeks after the year's accounts are written up. The number of members, loan files and objections pending from earlier audits drive the time.
- 1
Auditor appointment
The general body appoints the auditor from the government-approved panel, and the society informs the Registrar.
- 2
Records review
We examine the cash book, ledgers, member and share registers, minutes and compliance with the bye-laws.
- 3
Society-specific checks
For housing societies we test maintenance billing, sinking and repair funds, transfer premiums and member dues; for credit societies, loans, overdues and provisioning.
- 4
Audit memo and classification
We discuss objections with the managing committee and assign the audit class using the Registrar's criteria.
- 5
Report submission
We submit the audit report to the society and the Registrar; the society then files its rectification report on the objections.
What we need from you.
Don't have everything yet? We send a short checklist after the first call and work with what you have.
- Registration certificate and bye-laws
- Cash book, ledgers, bank statements and fixed deposits
- Member, share and nomination registers
- Maintenance bills, receipts and defaulters' list (housing societies)
- Loan files and overdue lists (credit societies)
- General body and committee minutes, and the previous audit and rectification reports
The fee depends on your situation. After a short call, the partner who will do the work tells you what's involved and gives you a fixed fee in writing — before any work begins.
- Government fees and statutory charges are billed at actuals.
- When you pay — upfront, in stages or on completion — is agreed in writing with the fee.
Questions about Cooperative Society Audit.
Ready to discuss Cooperative Society Audit?
30-minute confidential call — no proposal, no commitment. A partner will write back within one business day.