AUDIT RECTIFICATION REPORT FOR HOUSING SOCIETY
General perception is that compliance is over when we get accounts audited and adopt those in annual general meeting. Is it right?
Answer is “NO”. There is one more compliance which society need to comply for.
So let’s check what it is.
It is mandatory for society to rectify observation mentioned in audit report.
How to rectify observation?
Auditor might have mentioned set of defaults in audit report. It is responsibility of management committee to rectify those defaults by taking necessary action.
What after rectifying defaults?
Committee to submit “Form O – Audit Rectification Report “to auditor mentioning the fact and auditor further will put necessary remark on form O.
Is there any time limit for submission of Form O to auditor?
Yes. Form O should be submitted to auditor within 3 months from the date of submission of report by auditor.
What details committee need to mention in Form O?
We have attached Form O format for your reference. You can view and download the format.
Whether Form O is to be uploaded on Mahasarkar Portal?
Yes. Form O is to be uploaded on Mahasarkar Portal.
Who is responsible to upload form O on Mahasarkar Portal?
It is responsibility of auditor to upload Form O from auditor login.
What if Form O is not submitted?
Register will step in to fulfil and rectify defaults. Expenses of that will be recovered from society
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You can download Form “O” from here.
DOWNLOAD "O" Form