Secretarial Audit under Company Act 2013

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Applicability of Secretarial Audit under Company Act 2013

Applicability of Secretarial Audit under Company Act 2013

Basic introduction to secretarial audit

Secretarial audit is compliance audit independent to financial audit/ statutory audit.To check compliance with the provisions of various laws and rules/ regulations/procedures, maintenance of books, records etc., A practicing Company Secretary has been recognized to conduct a secretarial audit.

Applicability

The mandatory provisions relating to applicability of secretarial audit are as explained below:
  • Every Listed Company.
  • Every public company having –
    • Paid up share capital > Rs. 50 crore or
    • Turnover > Rs. 250 crore or
  • Every company (Public / Private) having outstanding loans or borrowings from banks or public financial institutions of one hundred crore rupees or more.*
Explanation :- For the purposes of above criteria, the paid up share capital, turnover, or outstanding loans or borrowings as the case may be, existing on the last date of latest audited financial statement shall be taken into account.

If anyone of the criteria meets then also secretarial audit is mandatory.

*Inserted by notification dated 03 January ,2020
http://www.mca.gov.in/Ministry/pdf/AmdtRules_06012020.pdf

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