Examination and inspection of compliances with rules and regulation as stated under various laws applicable to a company is known as Secretarial Audit. Connect with our experts to get more in-depth knowledge about how it is beneficial for your company.
A Secretarial Audit is an independent examination done by a professional to review whether the company is in compliance with the provisions and rules of various laws and standards applicable to the company. The auditor examines whether the governance, internal control and risk management are working efficiently in the organization or not. Every company is subject to various rules and regulations which are complicated but at the same time are crucial. In case of non-compliance, there are heavy penalties levied by the government officials on these companies. So to avoid any non-compliance and to take corrective measures, the Companies Act has made it mandatory for certain companies to conduct a secretarial audit.
At ICI, we can help you with in two ways:-
No, only a practicing Company Secretary (CS) who is a member of the Institute of Company Secretary (ICSI) having a valid Certificate of Practice (COP) can conduct a secretarial audit.
In case of any contravention, the defaulting person will be punished with a minimum fine of ₹ 1,00,000 and a maximum fine of ₹ 5,00,000.
Yes, private limited or small companies are allowed to voluntarily opt for secretarial audit for ensuring compliances with different laws applicable to them and mitigate the risk associated with non-compliances.
Listed companies and other large companies should conduct a secretarial audit every quarter and for smaller companies secretarial audit can be conducted at the end of the year
Secretarial & Compliance
Income / Corporate Tax
GST / CESS