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‘Secretarial Audit’ is introduced by recently enacted Companies Act, 2013. It is a process to check compliances made by the Company under Corporate Law & other laws, rules, regulations, procedures etc. It is a mechanism to monitor compliance with the requirements of stated laws and processes. Periodically examination of work is necessary to point out errors & mistakes and to make a robust compliance mechanism system in an organization.
per section 204(1) of Companies Act, 2013 read with rule 9 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, the following companies are required to obtain Secretarial Audit Report: - Every listed company; - Every public company having a paid-up share capital of fifty crore rupees or more; or - Every public company having a turnover of two hundred fifty crore rupees or more. “Turnover” means the aggregate value of the realisation of amount made from the sale, supply or distribution of goods or on account of services rendered, or both, by the company during a financial year.
Legal Audit can be compared to preventive laws initiated with abundant and discreet prudence and caution to dispense with any litigations arising in future, and consequently may culminate in burning one’s fingers, like getting sued, fined or prosecuted or penalty imposed in avoidable litigations due to deficiencies / lacunae existing in the written documents / agreements / undertakings / statutes / by laws executed by the individuals, partnerships, Companies, Corporate Undertakings, Banks and Governmental Undertakings and so on, in transgress of the laws and regulations of the Organisation / Company / Governmental Enterprises, for example deviation from the laid down Memorandum and Articles of Association of the Private Limited Company and or the laws of the lands, based on various enactments and acts in force. The word ‘Legal Audit’ comprises two significant words, i.e. LEGAL + AUDIT. Therefore, our Team believes that both these bifurcated words of Legal Audit have necessarily to be defined separately for the sake of convenience and awareness of the Corporates, Individuals, Private Sectors and to all those who have to know the importance, intent and significance of the words ‘Legal Audit’ for their welfare and well being, to minimize the present and future litigations.
Internal auditing is an independent, objective assurance and consulting activity designed to add value and improve an organization's operations. It helps an organization accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control and governance processes.Internal auditing is a catalyst for improving an organization's governance, risk management and management controls by providing insight and recommendations based on analyses and assessments of data and business processes.