Secretarial audit in Lucknow is an evaluation of the adherence of a company’s policies and procedures to statutory and regulatory norms, and the accuracy of its compliance reporting. It is conducted by a qualified and independent professional called a Company Secretary.
In Lucknow, provisions related to secretarial audit are specified under Companies Act, 2013 and the Ministry of Corporate Affairs. The act mandates certain class of companies to conduct secretarial audit annually, by a Practicing Company Secretary, and submit the report to the Board of Directors. The report must be filed with the Registrar of Companies within 60 days of the close of the financial year.
It is an independent examination of a company’s compliance with statutory and regulatory requirements related to corporate governance, management and administration.
Overview: Secretarial audits are mandatory for listed companies and specified class of unlisted companies in Lucknow to ensure compliance with various laws and regulations such as Companies Act, SEBI regulations, and others.
Rules: The Institute of Company Secretaries of Lucknow (ICSI) lays down the rules and guidelines for conducting secretarial audits in Lucknow.
Legal Provisions: Secretarial audits are mandated by the Companies Act 2013 and SEBI regulations for specified class of companies.
Process: The secretarial audit process involves a review of the company’s compliance with statutory and regulatory requirements, its governance processes, and its management and administration practices.
Checklist: The secretarial audit in lucknow checklist covers areas such as compliance with the Companies Act, SEBI regulations, and other applicable laws and regulations, governance processes, and management and administration practices.
Advantages: Secretarial audits help companies ensure compliance with statutory and regulatory requirements, improve governance processes, and enhance transparency and accountability.
Disadvantages: Secretarial audits can be time-consuming and costly, and may also involve disruption to normal business operations.
Cost: The cost of secretarial audits in Lucknow depends on the size and complexity of the company and the scope of the audit.
Type: Secretarial audits are primarily focused on compliance with laws and regulations.
Time involved: The time involved in conducting secretarial audits varies depending on the size and complexity of the company and the scope of the audit.
Validity: Secretarial audits are legally valid and mandatory for specified class of companies in Lucknow.
Documents required: The secretarial audit process requires various corporate and legal documents, including financial statements, board minutes, shareholder resolutions, and statutory records.