Section 15. Books of accounts and audit.

(1) Every society shall keep at its registered office proper books of accounts in which shall be entered accurately- (a) All sums of money received and the source thereof and all sums of money expended and the object or purpose for which such sums are expended; (b) The assets and liabilities of the society. (2) Every society shall have its accounts audited once a year by duly qualified auditor and have a balance sheet prepared by him. The auditor shall also submit a report showing the exact state of the financial affairs of the society. Three copies of the balance sheet and the report shall be certified by the auditor. Explanation: - A duty qualified auditor means a chartered accountant within the meaning of the chartered Accountants Act, 1949 or a person approved by the Registrar in this behalf. (3) For contravention of any of the provisions of this section every officer in default shall from the date the default is detected, be punishable with fine which may extend to Rupees twenty for each day the default continues.