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Secretarial Audit Company in India - An Overview

India's No.1 Secretarial Audit Company

The Secretarial Audit is a process where a Secretarial Auditor checks whether the organisation complies with applicable laws and regulations. There are certain features of secretarial Audit which are given below:

  • It helps to recognize the event of non-compliance and facilitates taking corrective measures.
  • It is a proof that the company is complying to the good corporate practices
  • The intention of this audit is to add value and improve the operations of the Company.
  • It helps accomplish the company’s objectives by bringing a systematic, productive approach to examine the control, and governance processes and potential effectiveness of risk management
  • It provides a sense of confidence to the management, regulators, and stakeholders regarding statutory compliance, good governance, and proper and adequate processes and systems
Applicability of Secretarial Audit

Secretarial Audit is a mandate for the below-mentioned companies. Also, these companies are required to prepare the Secretarial Audit Report.

  • Every Listed Company
  • Every public company has a paid-up share capital of 50 crore or more.
  • A public company has a turnover of more than Rs. 250 crore or more.
  • Every company has a borrowing of 100 crores or more.
Important Provisions pertaining to Secretarial Audit

The necessary provisions pertaining to Secretarial Audit are given below

  • Matters that are needed to be mentioned in the Audit.
  • Compliance Certificate.
  • Verification of documents and records.
  • A Crucial area of the Secretarial Audit report under the Companies Act 2013.
  • A crucial area of the Secretarial Audit report under SEBI Rules and Regulations.
  • A crucial area of the Secretarial Audit report under other laws.
  • Period of the Secretarial Audit.
  • Disqualification for the appointment of the Secretarial Auditors.
  • The company has to provide all assistance.
  • Objectives of Secretarial Audit

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Registration Process

Online Registration

Documents Required for Carrying out Secretarial Audit in India

The following documents are required for carrying out secretarial audit in India:

Documents Required for Secretarial Audit:
  • Documents related to the company such as the charter documents and other information as applicable
  • Board Documents such as minutes of the board meeting and the resolutions which are considered in the meeting.
  • Financial Statements of the company and audited reports of the company
  • All information related to listing of the company. This would include important documents related to listing of the company
  • Information on the Annual Performance Reports, Lease Deed, Bonds and returns
  • Filings with RBI (If there is a foreign investment) and other statutory departments
  • All labour law registered as maintained which is prescribed under respective laws.
  • Admission and Statement for code of conduct received from the directors
  • Remuneration and Sitting fees details paid to directors.
  • Particulars of CSR amount
  • SAST Disclosures (Substantial Acquisition of Shares)
  • Bank account details for dividend
  • Details of ECB (External Commercial Borrowings) Returns, in case of foreign borrowings in the company.

FAQs on Private Limited Company

Secretarial audit is one of the compliances which are required to be carried out by the company in accordance with the provisions of the Companies Act, 2013.

The following companies require carrying out secretarial audit:
• Listed Companies
• Company Having a Paid-Up Capital of 50 Crore Rupees
• Turnover of a Public Company is more than 250 Crore Rupees
• Borrowings of the Public Company is more than 100 Crore Rupees.

An individual, who has a company secretary certificate from the institute of company secretaries of India, can carry out this form of audit for the company.

Yes carrying out this form of audit requires the resolution of the board. Under Rule 8 of the Companies (Meetings of the Board and its powers) Rules 2014, the company is required to conduct a board meeting and pass the resolution related to appointment of a secretary auditor.

Carrying out proper security audits have to be in compliance with the requirements of the companies act, 2013. However these audits have to be carried out in the following period:
• Periodically,
• Quarterly,
• Half-year and,
• Annually.

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