PROCESS INVOLVED

1. Checking and fulfilling of provisions of law, rules and procedures etc.
2. Must be conducted by an Independent professional
3. Due process must be followed as prescribed
4. Essentially a process to monitor the requirements to be fulfilled as per the rules and regulations.

APPLICABILITY OF SECRETARIAL AUDIT

1. For every Listed Company
2. For company having turnover of more than 250 crore and paid up share capital of more than 50 crore.
3. A company secretary has to be recognised to conduct the secretarial Audit.

CONTENTS OF SECRETARIAL AUDIT REPORT

1. It should be prepared by a practicing Company Secretary.
2. It should be prepared in FORM M-3-R.
3. It should be Annexed with Board’s Report.

PUNISHMENT IN CASE OF NON COMPLIANCE OF SECRETARIAL AUDIT

In case of non-compliance of Secretarial Audit the

1. Company
2. Officer of the Company
3. Company Secretary

Who is in default shall be punishable with fine of up to minimum of 1 Lakh and Maximum of 5 Lakhs.

OBJECTIVES OF SECRETARIAL AUDIT

1. To report and fulfil all the compliances as per the rules and laws
2. To report the non-compliances.
3. To protect the Interest of various stakeholders of the organization
4. To avoid any illegal activities by law enforcing agencies and other person related to the organization

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