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Secretarial Audit Service

In today’s corporate environment, fulfilling legal and regulatory requirements is essential to ensure transparency and good governance. A secretarial audit is a crucial tool to verify whether a company complies with statutory and regulatory frameworks, particularly corporate laws. Conducted by a qualified practicing company secretary, the audit ensures that all legal provisions are in place and helps prevent non-compliance.

Secretarial audits are governed by the provisions of the Companies Act 2013, under Section 204, and the Companies (Appointment and Remuneration of Managerial Personnel) Rules 2014. These audits play a pivotal role in maintaining good corporate governance and mitigating risks of penalties or legal action.

Benefits of Secretarial Audit

01

Regulatory Governance Compliance

Ensures the company abides by best governance practices set by regulatory authorities.

02

Penalty & Risk Prevention

Regular audits help avoid fines and penalties by addressing non-compliance proactively.

03

Investor Trust & Transparency

Transparency and regular audits build strong trust among investors and shareholders.

04

Fraud & Non-Compliance Detection

Helps identify areas prone to regulatory fraud or non-compliance, allowing corrective actions.

Requirements

Eligibility for Secretarial Audit

Listed Companies

Companies listed on a recognized stock exchange in India.

₹50 Cr+ Share Capital Companies

Public companies with a share capital of ₹50 crore or more.

₹250 Cr+ Turnover Companies

Companies with a turnover exceeding ₹250 crore.

Our Process

Process of Secretarial Audit

STEP 1

Appoint Independent Company Secretary

The Board of Directors appoints an independent practicing company secretary authorized to perform the audit.

Appoint Independent Company Secretary 1
STEP 2

Analyze Organizational Structure

The auditor begins by analyzing the company’s organizational structure and business model.

Analyze Organizational Structure 2
STEP 3

Review Legal & Regulatory Compliance

The auditor reviews the company’s compliance with applicable laws, rules, and regulations.

Review Legal & Regulatory Compliance 3
STEP 4

Detailed Regulatory Framework Audit

An in-depth review of corporate, environmental, securities, labor laws, and other relevant regulatory frameworks.

Detailed Regulatory Framework Audit 4
STEP 5

Evaluate Board Meetings & Records

The auditor evaluates how the company conducts board meetings, maintains statutory registers, and files mandatory returns.

Evaluate Board Meetings & Records 5
STEP 6

Verify ROC & SEBI Filings

The auditor checks filings submitted to the Registrar of Companies (ROC) and regulatory bodies like SEBI.

Verify ROC & SEBI Filings 6
STEP 7

Prepare Secretarial Audit Report (MR-3)

The auditor compiles findings and observations into a comprehensive Secretarial Audit Report (MR-3).

Prepare Secretarial Audit Report (MR-3) 7
STEP 8

Present Report to Board

The final audit report is presented to the Board of Directors for review.

Present Report to Board 8
STEP 9

Implement Corrective Actions

The board may implement corrective measures based on the auditor’s observations to ensure continued compliance.

Implement Corrective Actions 9

Documents Required for Secretarial Audit

Required Documents

  • Corporate records (e.g., meeting minutes, resolutions).
  • Financial statements (balance sheets, profit and loss accounts).
  • Statutory filings (ROC submissions, compliance reports).
  • Compliance documentation (tax filings, licenses, regulatory approvals).
  • Legal documents (contracts, agreements, approvals from regulatory bodies).

Frequently Asked Questions

Have a look at the answers to the most asked questions.

FAQ Illustration

A Secretarial Audit is crucial because it ensures that a company is compliant with legal and regulatory frameworks, thereby promoting good governance and minimizing the risk of non-compliance. This audit helps companies maintain transparency, avoid penalties, and foster investor trust.

Only qualified practicing company secretaries, who are registered with the Institute of Company Secretaries of India (ICSI), are eligible to conduct a Secretarial Audit. Internal audit teams or employees cannot conduct this audit to maintain objectivity and independence.

No, a Secretarial Audit is mandatory only for certain companies, such as those listed on a recognized stock exchange, public companies with a share capital of ₹50 crore or more, and companies with a turnover of ₹250 crore or more. Private companies and smaller firms are typically exempt unless specified otherwise.

If non-compliance is detected during the audit, the company may face penalties, fines, and in severe cases, legal action. Corrective actions must be taken to address the issues identified, and the board is responsible for ensuring compliance going forward.

A Secretarial Audit must be conducted annually. It is an ongoing requirement to ensure that the company remains compliant with regulatory frameworks and corporate governance standards each financial year.
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