{"id":13878,"date":"2021-08-02T20:00:00","date_gmt":"2021-08-02T20:00:00","guid":{"rendered":"https:\/\/adda.io\/blog\/?p=13878"},"modified":"2023-11-02T04:40:27","modified_gmt":"2023-11-02T04:40:27","slug":"financial-audit-of-an-apartment-webinar-takeaways","status":"publish","type":"post","link":"https:\/\/adda.io\/blog\/2021\/08\/financial-audit-of-an-apartment-webinar-takeaways\/","title":{"rendered":"Financial Audit of an Apartment &#8211; Webinar Takeaways"},"content":{"rendered":"\n<div class=\"wp-block-image\"><figure class=\"aligncenter size-large is-resized\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/adda.io\/blog\/wp-content\/uploads\/2021\/08\/WhatsApp-Image-2021-08-10-at-11.29.05-AM-1024x576.jpeg\" alt=\"society audit\" class=\"wp-image-13887\" width=\"617\" height=\"347\" srcset=\"https:\/\/adda.io\/blog\/wp-content\/uploads\/2021\/08\/WhatsApp-Image-2021-08-10-at-11.29.05-AM-1024x576.jpeg 1024w, https:\/\/adda.io\/blog\/wp-content\/uploads\/2021\/08\/WhatsApp-Image-2021-08-10-at-11.29.05-AM-300x169.jpeg 300w, https:\/\/adda.io\/blog\/wp-content\/uploads\/2021\/08\/WhatsApp-Image-2021-08-10-at-11.29.05-AM-150x84.jpeg 150w, https:\/\/adda.io\/blog\/wp-content\/uploads\/2021\/08\/WhatsApp-Image-2021-08-10-at-11.29.05-AM-768x432.jpeg 768w, https:\/\/adda.io\/blog\/wp-content\/uploads\/2021\/08\/WhatsApp-Image-2021-08-10-at-11.29.05-AM-355x199.jpeg 355w, https:\/\/adda.io\/blog\/wp-content\/uploads\/2021\/08\/WhatsApp-Image-2021-08-10-at-11.29.05-AM.jpeg 1280w\" sizes=\"auto, (max-width: 617px) 100vw, 617px\" \/><\/figure><\/div>\n\n\n\n<p> It is officially time for housing communities\/societies to turn their attention to auditing their books for the previous financial year as part of society audit. ADDA conducted a webinar on Book Closure and Financial Audit of an Apartment on Saturday, July 31st, 2021 with a panel of experts who talked about necessary items to keep ready before a society audit, best practices to avoid penalties, bye-laws to follow etc. <\/p>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_81 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-69da28ea95cae\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-69da28ea95cae\"  aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/adda.io\/blog\/2021\/08\/financial-audit-of-an-apartment-webinar-takeaways\/#The_panel_consisted_of\" >The panel consisted of:<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/adda.io\/blog\/2021\/08\/financial-audit-of-an-apartment-webinar-takeaways\/#The_Webinar_Takeaways_for_Book_Closing_and_Financial_Audit_of_an_Apartment\" >The Webinar Takeaways for Book Closing and Financial Audit of an Apartment<\/a><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/adda.io\/blog\/2021\/08\/financial-audit-of-an-apartment-webinar-takeaways\/#Important_items_to_be_kept_ready_before_conducting_a_Society_Audit\" >Important items to be kept ready before conducting a Society Audit<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/adda.io\/blog\/2021\/08\/financial-audit-of-an-apartment-webinar-takeaways\/#Best_Practices_to_Avoid_Penalties_in_Society_Audit\" >Best Practices to Avoid Penalties in Society Audit<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/adda.io\/blog\/2021\/08\/financial-audit-of-an-apartment-webinar-takeaways\/#The_Q_A_Session\" >The Q&amp;A Session:<\/a><\/li><\/ul><\/nav><\/div>\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"The_panel_consisted_of\"><\/span><strong>The panel consisted of: <\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<ol class=\"wp-block-list\"><li>Ms. Disha Koyande, CA, Founder of D.D. Koyande &amp; Co. <\/li><li>Mr. Sunil M Deshpande, Consultant for Cooperative Housing Societies<\/li><li>Badri Vishal Toshniwal, CA-IPCC\/BCOM<\/li><li>Sunil A, Customer Success Manager, ADDA <\/li><\/ol>\n\n\n\n<figure class=\"wp-block-embed-vimeo wp-block-embed is-type-video is-provider-vimeo wp-embed-aspect-16-9 wp-has-aspect-ratio\"><div class=\"wp-block-embed__wrapper\">\nhttps:\/\/vimeo.com\/583788900\n<\/div><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"The_Webinar_Takeaways_for_Book_Closing_and_Financial_Audit_of_an_Apartment\"><\/span>The Webinar Takeaways for Book Closing and Financial Audit of an Apartment<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Important_items_to_be_kept_ready_before_conducting_a_Society_Audit\"><\/span>Important items to be kept ready before conducting a Society Audit<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<ul class=\"wp-block-list\"><li>AGM Appointment of Auditor&nbsp;by order<\/li><li>Management Presentation letter<\/li><li>Audit Sheet (Current Committee, Their&nbsp;Designation, etc.)<\/li><li>Certified\/Draft Balance sheet with all supporting reports<\/li><li>Internal Audit Report<\/li><li>Handover Audit Report. (If Any)<\/li><li>Previous Year Audit Report<\/li><li>Previous Year Submission of Report<\/li><li>Land Conveyance, Lease Deed<\/li><li>Details of election if Any<\/li><li>Resignation and admission of committee<\/li><li>Eligibility of committee and strength<\/li><li>Managing committee list designation, Flat No&#8217;s, etc.<\/li><li>Staff List<\/li><li>Debtors Complaint, Levy of interest<\/li><li>Statutory Registers<\/li><li>Insurance Policies<\/li><li>Minutes Books (GBM\/AGM\/SGM Minutes)<\/li><li>Any other details asked by the Auditors<\/li><\/ul>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Best_Practices_to_Avoid_Penalties_in_Society_Audit\"><\/span> Best Practices to Avoid Penalties in Society Audit<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p> In accordance with the <a href=\"https:\/\/www.incometaxindia.gov.in\/pages\/acts\/income-tax-act.aspx\" target=\"_blank\" rel=\"noopener\">Income&nbsp;Tax Act<\/a> &#8211; <\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Deduct and pay TDS on 7th of Next Month<\/li><li>File TDS Return in time<\/li><li>Issue TDS Certificates<\/li><li>File Income tax return within due date ( 30th Sept)<\/li><li>File GST Return (GSTR 3B &amp; GSTR 1) Within Due Date<\/li><li>Submit Annual Return within due date (30th Sept)&nbsp;<\/li><\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"The_Q_A_Session\"><\/span>The Q&amp;A Session:<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p><strong>Q.<\/strong> <strong>In case the committee is reconstituted through co-option route ( no elections held) whether this shd also be the area of concern of Audit? <\/strong><\/p>\n\n\n\n<p>A: Yes, it is the area of concern of Audit. Auditor looks into both Financial and Non financial audit and constitution of the committee. <\/p>\n\n\n\n<p> <strong>Q.<\/strong> <strong>Is there a format for complaint register?<\/strong><\/p>\n\n\n\n<p>A: As such there is not format for complaint register, However, complaint register should be binding. <\/p>\n\n\n\n<p> <strong>Q.<\/strong> <strong>Do all housing societies have to charge GST on its monthly maintenance charges?<\/strong><\/p>\n\n\n\n<p>A: Maintenance charges paid by residents to the Resident Welfare Association are exempt up to Rs.7,500. In case the amount charged exceeds Rs.7,500 per month per member, GST is chargeable on the entire amount charged.<\/p>\n\n\n\n<p><strong>Q. What happens if the audited books of accounts are not submitted to registrar in time. Does the society get deregistered? <\/strong><\/p>\n\n\n\n<p>A: Yes, the society will get deregistered if the society don&#8217;t submit the audited books of accounts to the registrar in time. Also the society is&nbsp;subject to a penalty.<\/p>\n\n\n\n<p>Read about Society Bye-laws on Audit Accounts of the Society <a href=\"https:\/\/adda.io\/blog\/2015\/04\/society-bye-laws-accounts-audit-of-the-society\/\">here. <\/a><\/p>\n\n\n\n<p><a href=\"https:\/\/adda.io\/contact\">Contact us<\/a> at sales@adda.io if you want to choose ADDA as your Society&#8217;s Accounting module. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>It is officially time for housing communities\/societies to turn their attention to auditing their books for the previous financial year as part of society audit. ADDA conducted a webinar on&hellip;<\/p>\n","protected":false},"author":18,"featured_media":13887,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[141,2024,2019],"tags":[1684,1683,1682,245,166,1679,1681,1678,1641],"class_list":["post-13878","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-adda-buzz","category-adda-community-accounting","category-adda-india-housing-society-apartment-management","tag-addawebinar","tag-apartmentaccounting","tag-apartmentaudit","tag-societyaccounting","tag-society-accounting-software","tag-societyaudit","tag-societyfinance","tag-webinar","tag-webinartakeaways"],"_links":{"self":[{"href":"https:\/\/adda.io\/blog\/wp-json\/wp\/v2\/posts\/13878","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/adda.io\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/adda.io\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/adda.io\/blog\/wp-json\/wp\/v2\/users\/18"}],"replies":[{"embeddable":true,"href":"https:\/\/adda.io\/blog\/wp-json\/wp\/v2\/comments?post=13878"}],"version-history":[{"count":4,"href":"https:\/\/adda.io\/blog\/wp-json\/wp\/v2\/posts\/13878\/revisions"}],"predecessor-version":[{"id":13889,"href":"https:\/\/adda.io\/blog\/wp-json\/wp\/v2\/posts\/13878\/revisions\/13889"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/adda.io\/blog\/wp-json\/wp\/v2\/media\/13887"}],"wp:attachment":[{"href":"https:\/\/adda.io\/blog\/wp-json\/wp\/v2\/media?parent=13878"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/adda.io\/blog\/wp-json\/wp\/v2\/categories?post=13878"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/adda.io\/blog\/wp-json\/wp\/v2\/tags?post=13878"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}