Professional Documents
Culture Documents
under RERA
S R L & Co.
Chartered Accountants
Vadodara
Address: A/14, 4th Floor, Earth Artica, Vasna Bhayli Road, Vadodara
Phone:07487888555
Penal Action - GUJARAT REAL ESTATE REGULATORY
AUTHORITY (GENERAL) REGULATIONS, 2017
Rule 4 : Explanation 2: If the Form 5 issued by the statutory auditor reveals that any
certificate issued by the project architect, engineer or the chartered accountant has false or
incorrect information and the amounts collected for a particular project have not been
utilized for the project and the withdrawal has not been in compliance with the proportion
to the percentage of completion of the project, the Authority, in addition to taking penal
actions as contemplated in the Act and the Rules, shall also take up the matter with the
concerned regulatory body of the said professionals of the architect, engineer or chartered
accountant, for necessary penal action against them, including cancellation of registration
of membership for practice as such. Displaying of plans etc.,
Refer case of Ratanben H Patel CMP/Ahmedabad/180920/0130 of Gujarat RERA - Matter
refer to ICAI
FORM 3
Quarterly Return filling and at the time of Registration
Certification is governed by guidelines issued by ICAI – Certificates and audit under
RERA
Guidance note on reports or certificates for special purposes (Revised 2016)
Using the Work of Expert – Auditing Standard
Sequence of Certificate
Form 1 and Form 2 to be certified by Professionals
To get the unaudited books from Client
Review the data and make sure that it is not materially misstated
Check the progress reported in Form 1 and Form 2
Management representation to include the below points
Budget and Actual Expenses
Declaration that We have relied on unaudited number
Declaration of Form 1 and Form 2 data and required information has been given to
professional
Having all required permission to carry out the construction activity
Numbers are unaudited and not materially misstated
Declaration for unsecured loans if any
Other Documentation and Checking
Bank balance of all bank accounts should match with Bank statement
Signed bank statement, Profit and Loss Account and Balance Sheet
Signed area sheet and Budgeted price of Units
Advance received as per Form 3 and Books should match – Difference should be
documented
Test check with Agreement to sale
Should compare the opening balance of every year with audited books or with income
tax return to verify
Form 5
Form 5 Required to be submitted with in 6 month of completion of Financial year
Required to be submitted by every promoter along with audited accounts
If accounts are not required to be audited under any other Act – Audit is required for
RERA purpose.
Form 3 and Form need to be signed by different professional