Secretarial Audit

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.

Secretarial audit service provider

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What is Secretarial Audit?

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.

Table Of Contents

Overview

For checking whether the company has complied with the provisions of various laws applicable to it, an independent professional who is a practicing Company Secretary (CS) is appointed by the Board of Directors who ensures that all the legal and procedural requirements are complied with and there are proper mechanisms to monitor the compliances as per various laws.
Applicability
What is the Scope of Secretarial Audit?

Objective

Benefits

Documents Required

Process

How will we help you?

At ICI, we can help you with in two ways:-

  1. Conducting your secretarial audit and preparing the audit report as per the provisions of law.
  2. In case, your company is subject to the provisions of Secretarial Audit, preparation of all the documents which you have to submit to the secretarial auditor and replies to the queries raised by the secretarial auditor.

FAQs

a. Can a Chartered Accountant or Cost Accountant conduct a Secretarial Audit?

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.

b. What is the punishment if the secretarial auditor or any officer of the company contravenes any provision of the 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.

c. I am a director of a private limited company. Our turnover is less than 250 crores and paid up capital is less than 50 crores. Can we still conduct a secretarial audit for our company?

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.

d. When should the secretarial audit be conducted?

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

e. Still have doubts?

Speak to our experts who shall solve all your doubts.
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