Auditor for apartment owners association

Thomas Benjamin (Querist) 24 April 2015 This query is : Resolved
We, wish to know a qualified chartered accountant is needed to audit the accounts of an Association , which is registered under the provisions of the Travancore -
Cochin Literary Scientific and Charitable Societies Registration Act, 1955.Our income is below Rs20 lakhs and most amount is spent for the maintenance,wages etc.The balance amount is below Rs3 lakhs in year.
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Guest (Expert) 25 April 2015
The total turnover of Rs. 20 Lakhs of the association being too less than Rs. 1 Crore, audit by CA is not necessary for the association. The association can elect through majority vote in the AGM one of its own member as auditor for the purpose of audit of its accounts.

Rajendra K Goyal (Expert) 25 April 2015
Raise your query in CA club India.

Dr J C Vashista (Expert) 27 April 2015
What did your accountant advise? Post the query in CA Club.

T. Kalaiselvan, Advocate Online

(Expert) 02 May 2015
Yes this query can be answered in a proper way by the CA club, you may post it there.

Thomas Benjamin (Querist) 26 November 2015
Posted in CACLUBINDIA and got the reply from Mr.Chakarapani Warrier as follows:-
"No need to audit by practicising Chartered Accountant, unless otherwise specified in Bye law.

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