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Mumbai, Maharera Show cause notice has been issued to Chartered accountant and also wrote to the institute Chartered accountant saw this after india Maharera The rules were being violated as the same chartered accountant was appointed for the role of project auditor as well as statutory auditor.
Under MahaRERA rules, promoters have to submit Form 3 certified by the project auditor while withdrawing money from the bank. Similarly, the developer is also required to submit a statutory audit report by a statutory auditor/accountant once in a year. Both the roles are to be performed by separate accountants or firms. MahaRERA has also noticed discrepancies in the UDIN numbers provided by the chartered accountants.
During scrutiny of the information submitted by the promoters, MahaRERA observed that both the forms and certificates were submitted by a single chartered accountant in violation of MahaRERA rules.
“The intention of the promoters in appointing the same chartered accountant to perform both the responsibilities is mala fide. The statutory auditor is expected to spot mistakes or gaps in the audit carried out by the project auditor. If both are the same person, This raises doubts whether the promoters have something to hide, said a MahaRERA official.
“We have issued notices to Chartered Accountants and we have also written to the Institute of Chartered Accountants to conduct training sessions to follow the rules of MahaRERA and the provisions of the Real Estate (Regulation and Development) Act. We will take further action and The promoters are accountable,” the official said. The Unique Document Identification Number (UDIN) number provided by the chartered accountant helped MahaRERA trace the violation.
Under Section 4(2)(1)(d) of the Real Estate Act, every promoter has to keep 70 percent of the money received from customers in a separate account. Before withdrawing these funds at each stage of construction, the percentage of completion of the work and the expenditure has to be certified by the project engineer, architect and chartered accountant. The developer is also required to update a statutory audit report on the website of MahaRERA once a year.
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