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Applicability of Secretarial Audit

• Secretarial audit as an independent and
  transparent process saves the organization from
  getting caught in legal complications by keeping
  a watchful eye on the compliance of rules,
  regulations, and laws in the organization. It
  also creates a strong sense of trust among the
  beneficiaries of the organization by bringing out
  the clean image of the organization. The issue
  of the relevance of secretarial audits has been
  discussed in this article.
• Table of content
• What is meant by a Secretarial audit?
• Who is Secretarial Auditor?
• How is the secretarial auditor appointed?
• What is the importance of a secretarial audit
  report?

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5. What are the essential facts in preparing a
secretarial audit report? 6. What documents are
required for a secretarial audit?
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Applicability of Secretarial Audit Academy
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7. On what statutory basis is the secretarial
audit done? 8. For which companies are mandatory
secretarial audits? Blog Categories. 9. What is
the applicability of a secretarial audit?
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1. What is the penalty for making mistake in
   Secretarial Audit?
2. Conclusion

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1. What is meant by a Secretarial audit?
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The secretarial audit is a process under which it
is seen whether all the currently applicable
laws, regulations, prescribed procedures, and
records are being properly maintained in the
organization or not. For this especially an
independent professional is appointed, which is
known as a secretarial auditor who prepares the
secretarial audit report.
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2. Who is the Secretarial Auditor? The
secretarial auditor is primarily a company
secretary appointed by the company under the
companys (meeting of the board and its powers)
rules, 2014. Which performs the work of
secretarial audit as per rule 24A of the
Securities and Exchange Board of India.
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3. How is the secretarial auditor
appointed? Every company names a person or
company as the secretarial auditor at its first
general meeting, and that person or company
serves as the secretarial auditor for a term of
five consecutive years after that. After five
years, a secretarial auditor may be reappointed
if approved at the annual general meeting.
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4. What is the importance of a secretarial audit
report?
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The spirit of trust is strengthened among various
stakeholders of the organization such as
management, regulators, shareholders, and other
stakeholders through secretarial audit reports.
Through this secretarial audit report, the
statutory and regulatory flaws of the
organization are rectified in time by getting
information about the shortcomings in compliance
with the rules of the organization. In such a
situation, the organization has a special
advantage in risk management.
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• 5. What are the essential facts in preparing a
  secretarial audit report?
• The following essential facts must be taken care
  of in preparing the secretarial audit report
• In reality, a business secretary must prepare it.
• Only members of the Institute of Company
  Secretaries of India who have a valid
  certificate of practice for conducting
  secretarial audits can conduct a secretarial
  audit and prepare secretarial audit reports for
  the company.
• It shall be prepared in form M-3R annexed with
  Board's report

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6. What documents are required for a secretarial
audit? Charter documents, statutory register,
minutes and notices of general meetings,
previous years audit reports, annual performance
report, statement of CSR amount, SAST disclosure,
statement of code of conduct received from
directors statements, for secretarial audit in
any organization Bank account details, etc.
Documents are needed by the secretarial auditor.
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7. On what statutory basis is the secretarial
audit done? The secretarial audit is based on the
provisions and guidelines of some Popular
Tags. Acts. Like the Companies Act 2014 and the
rules made thereunder, the
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Depositories Act, 1996 and the laws made
thereunder, the rules made under the Foreign
Exchange Management Act 1999, regulations and
guidelines prescribed under the Securities and
Exchange Board of India Act,1992, Institute of
company secretaries Standards of India issued
from time to time.
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8. For which companies is it mandatory for
secretarial audits? The mandatory provisions
relating to the applicability of secretarial
audit are explained below Every listed
company Every public company having paid-up share
capital above RS 50 crore Turnover below RS 250
crore If any one of the criteria meets then also
secretarial audit is mandatory. The secretarial
audit has not been made mandatory for private
companies and small public companies. These
companies may adopt secretarial audit practices
for ensuring compliance and avoiding the risk
associated with noncompliance.
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• 9. What is the applicability of secretarial
  audits?
• Secretarial audit checks the compliance of rules
  and regulations by the organization. Due to this
  the organization remains very vigilant in terms
  of legal aspects and the organization remains in
  a legally secure position.
• Various stakeholders of the organization like
  promoters, executive directors, company
  regulators, government authorities, investors,
  financial institutions, etc. get credible
  information about the organization, which gives
  them confidence in the organization and in terms
  of the growth of the organization able to take
  necessary decisions.
• Secretarial audit works on the principle of
  'prevention is better than cure which helps in
  the orderly running of the organization.
• Secretarial audit helps in managing the risk in
  the context of the organization by timely
  spotting the shortcomings of the organization.
  Due to this, the interests of the personnel
  working in the organization, company management,
  and investors are protected.
• Secretarial audit helps in managing risk as well
  as control and formulation of plans in the
  organization.
• Secretarial audit brings out a better image of
  the organization, which encourages investors to
  invest in the organization. Better investment
  helps in the growth of the organization.
• Secretarial audit examines the legal compliance
  of the organization, which helps the top
  management and the board of directors to focus on
  the company's business and formulate future
  strategies.
• Strong secretarial audit saves the organization
  from getting into any legal confusion as the
  secretarial auditor keeps a watchful eye on the
  compliance of the legal aspects. This saves the
  resources and time of the higher-level
  management of the company.

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9. Secretarial audit creates the status of
compliance with level secretarial standards. This
brings transparency and fairness to the
activities of the organization.
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• Secretarial audit stands out as a systematic
  mechanism for the legal and regulatory aspects
  of any organization.
• Secretarial audit is a reliable source for
  anybody, or an entrepreneur looking to buy or
  acquire a company.
• Secretarial audit protects the organization from
  coming under the purview of legal action and
  fines etc. This ensures the optimum utilization
  of the organization's resources.
• What is the penalty for making mistake in a
  secretarial audit?
• The secretarial auditor must discharge his duties
  and responsibilities with utmost care and
  caution based on prescribed standards. If any
  mistake is found in the secretarial audit, then
  the secretarial auditor can be fined from a
  minimum of one lakh rupees to a maximum of 5 lakh
  rupees. If the company or the officers of the
  company are also found to be at fault, they are
  not able to follow the prescribed standard in
  terms of secretarial audit, then they may also
  have to pay a fine.
• Conclusion
• The secretarial audit is an independent process
  for any organization, which is reliable due to
  being based on level standards. This process is
  extremely helpful in the orderly, well-planned,
  smooth running of the Sohragreatnhiiszanteiwosn.
  The secretarial audit is also a systematic and
  disciplinary approach in the context of risk
  management and control for the organization.
• BY Admin Tax4wealth

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