Secretarial audit refers to the compulsory audit under company law for certain companies. The purpose is to check whether the company complies to company law as well as various other laws applicable to it.
There is a set format in Form MR 3 for submitting the audit report.
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Is it compulsory?
Yes. it is compulsory for all listed companies as well companies belonging to the other class of companies. A company will fall under the other class if it is a public company and:
- Its paid up capital is Rs. 50 Crore or more, or
- Its turnover is more than Rs. 250 Crore.
It is also applicable to a private limited company which is a subsidiary of a public company and fulfills the above conditions.
Is there any benefit of Secretarial Audit?
Even if it is not compulsory for your company, it has many benefits. So, if you wish to, you can also opt for a voluntary secretarial audit.
- Assures the promoters about necessary compliance and unintended risk.
- Minimizes any risk of governmental or regulatory non-compliance.
- Helps investors in making informed decisions.
- There is a minimal chance of levy of any penalty on the company.
- It enables exercise of good governance.
- Builds goodwill of the company which helps in gaining maximum return on capital.
Who can do it?
Only a Company Secretary (CS) is eligible to do it. Moreover, the CS performing the audit also needs to sign the audit report. This type of audit checks compliance with 5 specific laws.
- Companies Act and Rules.
- SCRA Act and rules.
- Depositories Act, Regulations and By-Laws
- FEMA Act
- SEBI Regulations and Guidelines
What is the Timeline?
Secretarial audit takes place on a continuous basis. The frequency can be quarterly, half-yearly, and annually. It is a good practice to report any adverse finding to the Board of Directors on an immediate basis.
What is the fee?
The professional fee for conducting secretarial audit starts from Rs. 15000.
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- Experienced and qualified professionals with 12 years of average experience.
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What is more?
- Our dedicated support team is always there to help you with any query or issue that you may have.
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