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A secretarial Audit is an audit of non-financial aspects of the company having an impact on the performance of the company. It improves the operations and adds value to them. It is a mechanism that is necessary for the management, regulators and stakeholders for checking compliance with applicable laws. The laws like the Companies Act, Securities law, FEMA, labour laws, Competition law and Environmental laws.
The Audit is mandatory under the Companies Act, 2013 for the Companies Act, 2013 for listed companies and other prescribed classes of companies. The limit of paid-up capital and turnover is provided under the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014.
As per the relevant section of the Companies Act, 2013 and Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 provides than every listed company and a company as prescribed under the act are:
The Report of Form MR-3 is made by the Company Secretary in Practice in Annexure-A. The periodical audit helps in detecting non-compliances and taking corrective measures and avoiding risk. The report must provide the details of specific events occurred in the reporting period on the affairs of the company. The auditor must submit a certificate of eligibility for appointment as auditor.
As per the relevant provisions of the Companies Act, 2013 must be a person as given in the following points:
The main aim of conducting an audit is to evaluate and make an opinion for reporting to the shareholders about the compliances made by the company in regard to statutes, rules and guidelines about the compliance management system. The Company Secretary in practice must have the following qualities are listed below:
The professional has to keep records of documents and check in the audit and preparation of checklists.
The Company Secretary must be honest and impartial while performing the audit.
The process must be carried out with respect to the timelines and with expertise.
The team of audit must be trained in the process with requirements and ethics. The updates must be communicated to the team by the leader.
The exact knowledge of law and understanding of compliance systems, legal language, procedures and secretarial standards
The independent checking by the authorities and verification process with statutory and internal auditors.
The auditor maintains a diary with planning and executing and verifications by the team members and listed with audit trails conducted.
The auditor must maintain an audit diary and papers like working papers, supporting documents and observations. The audit evidence for defending the misconduct for enquiry from regulators.
The followings are the Acts and Rules covered under the audit report in Form MR-3:
1. Companies Act, 2013 and rules there under
2. Securities Contract (Regulation) Act, 1956 and rules there under
3. Depositories Act, 1996 and rules there under
4. Foreign Exchange Management Act, 1999, Foreign Direct Investment, External Commercial Borrowings and overseas direct investment.
5. Securities and Exchange Board of India Act, 1992 with the regulations prescribed are as follows:
6. Secretarial Audit Applicability 2021 in laws applicable to the company depending on the specific
7. Secretarial Standards provided by the Institute of Company Secretaries of India
8. Listing Agreements between Stock Exchange and the company.
The compliance of maintenance of statutory registers, filing forms, and returns with ROC and
following the provisions of Articles and Memorandum of Association.
The documents that should be checked are given as follows:
As per the Secretarial Audit Section 204 and provisions of the Companies Act, 2013 are as follows:
In addition to registration or incorporation, a business may require other registrations depending on the business activity undertaken. Talk to an Advisor to find out registrations your business may require post registration.
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