We prepare your financial statements and supporting documents the way auditors expect them, then stay with your committee as the single point of contact until the auditor issues the report.
Audit preparation & coordination
Walk into your society audit prepared.
Audit preparation
An audit file your auditor can work with.
Statements are drafted from verified, reconciled books, and each figure is tied to its schedule and supporting documents.
The committee reviews and approves the financial statements before they go to the auditor. Our draft does not replace the audit.
What we prepare
- Receipts and payments account
- Income and expenditure account
- Balance sheet
- Schedules: member dues, funds, fixed deposits, fixed assets, creditors and advances
- Bank reconciliation statements for every account
- Trial balance and ledgers
Documents checklist
What to keep ready
The usual starting point for annual audit preparation. Missing a few? That's common. Tell us and we'll work out the best way forward.
Your auditor may ask for more. We share an exact list after the first review.
Annual audit documents
- Last year's audited statements and audit report
- Bank statements for every account, including fixed deposits
- Cash book, bank book and ledgers, or your Excel or software file
- Maintenance bills and receipts
- Payment vouchers with the related bills and invoices
- List of members with outstanding dues
- Investment and fixed deposit details
- Minutes of general body and committee meetings approving budgets and major expenses
Audit coordination
One point of contact, from audit file to audit report.
Committee members are volunteers. We handle the back-and-forth with the auditor so audits don't stall.
- 1
Auditor appointed by the society
The society appoints its auditor as its law and bye-laws require. Keep your existing auditor, or ask us whether we can introduce an eligible independent one.
- 2
Audit file shared
We hand the auditor a complete, indexed file, so less time goes on chasing documents.
- 3
Queries & follow-ups
We answer the auditor's accounting queries, and route anything that needs a committee decision to you.
- 4
Observations
We help the committee understand each observation and prepare explanations and corrections.
- 5
Audit report
The auditor independently finalises and issues the audit report to the society.
About auditor introductions
We are building relationships with eligible independent auditors in Maharashtra. If your society needs one, we will tell you honestly whether we can introduce someone. The auditor is appointed by your society, works independently of us, and agrees their fee directly with you.
What we never do
- Sign, certify or issue an audit report
- Act as your society's statutory auditor
- Influence the auditor's opinion, findings or audit class
- Promise audit approval or a particular result
- Present entries without supporting documents as supported
Clear scope
Who does what
KritIQ Labs LLP is not a CA firm. Here's how our work fits around the statutory audit.
| Work | What it involves | Done by | Result |
|---|---|---|---|
| Accounting verification | Ledgers, vouchers, collections, dues and payments checked against records | KritIQ Labs | Verification report and list of discrepancies for the committee |
| Audit preparation | Reconciliations, financial statements, schedules and documents organised for the auditor | KritIQ Labs | Draft statements and an indexed audit file, approved by the committee |
| Audit coordination | Document submission, auditor queries, follow-ups and help with observations | KritIQ Labs, on the society's behalf | A smoother audit; responses to queries and observations |
| Statutory audit | Independent examination of the society's accounts as required by law | A qualified, authorised auditor appointed by the society | Signed audit report (and audit class, where applicable) |
Accounting verification
Ledgers, vouchers, collections, dues and payments checked against records
- Done by
- KritIQ Labs
- Result
- Verification report and list of discrepancies for the committee
Audit preparation
Reconciliations, financial statements, schedules and documents organised for the auditor
- Done by
- KritIQ Labs
- Result
- Draft statements and an indexed audit file, approved by the committee
Audit coordination
Document submission, auditor queries, follow-ups and help with observations
- Done by
- KritIQ Labs, on the society's behalf
- Result
- A smoother audit; responses to queries and observations
Statutory audit
Independent examination of the society's accounts as required by law
- Done by
- A qualified, authorised auditor appointed by the society
- Result
- Signed audit report (and audit class, where applicable)
FAQ
Common questions
Do you provide statutory audits for cooperative housing societies?
No. KritIQ Labs LLP is not a firm of chartered accountants and does not conduct or sign statutory audits. In Maharashtra, a cooperative housing society's statutory audit must be carried out by a qualified auditor appointed by the society's general body, as required under the Maharashtra Co-operative Societies Act. What we do is prepare your accounts and documents for that audit and, if you want, coordinate with your appointed auditor or help you find an eligible independent one. The auditor works independently and issues the audit report.
What documents are required for annual audit preparation?
Typically: last year's audited financial statements and audit report; bank statements for every account, including fixed deposits; the cash book, bank book and ledgers (or your Excel or software file); maintenance bills and receipts; payment vouchers with the related bills and invoices; the list of members with outstanding dues; investment and fixed deposit details; and minutes of general body and committee meetings that approved budgets and major expenses. Your auditor may ask for more, and we will share an exact checklist after the first review.
What is the difference between audit preparation and statutory auditing?
Audit preparation means getting the books, reconciliations, financial statements and supporting documents complete and in order before the audit. That is our work. A statutory audit is an independent examination of those accounts by a qualified, authorised auditor, who then issues the audit report. The auditor decides the findings independently. We do not sign the audit, and we cannot influence its outcome.
How much do your services cost?
Every society is different, so we quote per engagement. The fee depends on the number of residential units, how many years need work, the condition of the records and the services you choose. After an initial review, we send a written quote with the exact scope before any work starts. The statutory auditor's fee is separate and is agreed between your society and the auditor.
Let's Bring Financial Clarity to Your Society.
Tell us about your society and its accounting requirements. Our team will get in touch to understand your needs and suggest the right support.
We usually reply within 1–2 working days.