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What is annual secretarial compliance report?

Conduct Secretarial Audit 

 

Secretarial Audit Report

Secretarial Audit Report, The Annual Secretarial Audit Report, also known as the Secretarial Audit Report, is a document prepared by a practicing company secretary in India. It provides an assessment of a company’s compliance with various legal and regulatory requirements as prescribed under the Companies Act, 2013, and other applicable laws.

Here are key aspects of the Annual Secretarial Audit Report:

1.Objective:

(a).The report aims to evaluate the company’s compliance with legal and regulatory provisions related to corporate governance, secretarial standards, and other applicable regulations.

(b).It provides an independent and objective assessment of the company’s compliance practices.

2.Scope:

(a).The report covers an examination of the company’s records, documents, and activities to assess compliance with applicable laws and regulations.

(b)It includes a review of corporate governance practices, board and committee meetings, filings and disclosures, maintenance of statutory registers, and adherence to secretarial standards.

3.Examination Process:

(a).The company secretary conducts a thorough examination of relevant records, documents, and information to evaluate compliance.

(b).The examination includes a review of minutes of board and committee meetings, registers of members and directors, filings made with regulatory authorities, and other relevant documents.

4.Compliance Assessment:

(a).The company secretary assesses the company’s compliance with legal and regulatory requirements based on the examination conducted.

(b).Any instances of non-compliance, deviations, or deficiencies are identify and reported in the compliance report.

(c).The report also highlights areas of good compliance practices and recommendations for improvement, if applicable.

5.Reporting Format:

(a).The Annual Secretarial Compliance Report is prepare in a prescribed format as specified by the Institute of Company Secretaries of India (ICSI).

(b).It includes a description of the procedures followed, observations made, and recommendations, if any.

(c).The report is sign by the practising company secretary who conducted the audit and is submit to the company’s board of directors.

6.Filing and Disclosure:

(a).The report is filed with the Registrar of Companies (RoC) as part of the company’s annual filings.

(b).It is also include in the company’s annual report and made available to shareholders and other stakeholders.

 

The Annual Secretarial Compliance Report provides valuable insights to the company’s board, management, and stakeholders regarding the company’s compliance practices. It helps identify areas of improvement, ensures adherence to legal and regulatory requirements, and promotes good corporate governance.

 

 

To visit https://www.mca.gov.in

 

 

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