3rd Proviso of section 4(2)(I)(D) of RERA Act – states that the promoter shall get his accounts audited within six months after the end of every financial year by a chartered accountant in practice, and shall produce a statement of accounts duly certified and signed by such chartered accountant and it shall be verified during the audit that the amounts collected for a particular project have been utilised for the project and the withdrawal has been in compliance with the proportion to the percentage of completion of the project
further every Indian states prescribed a set format for Audit under RERA. Only A Chartered Accountant who holds a valid certificate of practice under Chartered Accountants Act, 1949 can only become an auditor.
Non audit of accounts and not submission of audit report to RERA subjectto various penalties under Act.