Audit of a Co-Operative Housing Society
I. Introduction Shelter is one of the three basic needs of all human beings. Housing co-operative societies are nothing but a group of individuals who come together to manage and run a society in which they are members. One becomes a member by purchasing shares in the co-operative society. Instead of owning the real estate, the members own a share in the entire corporation, which in turn gives them a house to reside in. Such societies are commonly found in urban and semi-urban cities. Various privileges and concession were provided by the Government to housing societies since the pre-independence era. This was one of the major reasons which stressed the need for compulsory Annual Government Audit of a Housing Society. The objective of audit of societies was to prevent mismanagement and misstatements due to frauds or errors by examining the books, registers and accounts with particular attention to overdue debts and valuation of assets and liabilities. Thus, act passed in 1912 included the system of audit of co-operative societies through the agency of Government Officers responsible to Registrar with subsequent legislations following the same.
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