Model Bye–Laws of Cooperative Housing Society

XVI. AUDIT OF ACCOUNTS OF THE SOCIETY: (Bye Law No 151 TO 153)

Bye Law No 151(a) Appointment of Auditors

The Society shall appoint the Statutory Auditor in its General Body Meeting from the panel of Auditors approved by State Govt. and same Statutory Auditor shall not be appointed for more than two consecutive years. The Statutory Auditor shall submit his Audit Report as provided in section 81 of the Act.

Bye Law No 151(b) Responsibility of the Committee to get the Accounts Audited

It shall be the responsibility of the Committee to get the Accounts Audited within a period of six months from the closure of financial year and in any case before issuance of Notice of the holding of the Annual General Body Meeting.

Bye Law No 151(c) The Remuneration of Auditors

The Remuneration of Auditors so appointed shall be decided by the General Body Meeting of the Society.

Bye Law No 151(d)

The Society may, if it considers it necessary, appoint an internal Auditor, to audit the accounts of the Society, at the Annual General Body Meeting

Bye Law No 152. Secretary to produce books, register, records etc. to Internal/Statutory Auditors

The Society shall appoint the Statutory Auditor in its General Body Meeting from the panel of Auditors approved by State Govt. and same Statutory Auditor shall not be appointed for more than two consecutive years. The Statutory Auditor shall submit his Audit Report as provided in section 81 of the Act.

Bye Law No 153(a) Preparation of Audit Rectification Report

On receipt of the audit reports from the Statutory and Internal Auditors, the Secretary of the Society shall prepare draft audit rectification reports on the objections raised and suggestions made, in the Audit rectification Report in form '0' prescribed under Rule 73 of the MCS Rules 1961 and place the same before the meeting of the Committee, held next after the date of the receipt of the audit reports, for its approval. The Audit Rectification shall be done by the Committee within three months from the date of audit report. The committee shall submit Audit Rectification Report to the Registrar and the Annual General Body Meeting of the Society.

Bye Law No 153(b)

If the Committee of the Society fails to submit Audit Rectification Report to the Registrar and the Annual General Body Meeting, all the Members of the Committee shall be deemed to have committed an Offence under section 146 of the Act and shall be liable for Penalty under section 147 of the Act.

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