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The Secretarial Audit (SA) is a part of Legal compliance reporting system. Government of India will be able to conceive and recognize the requirement for Secretarial Audit India only by giving the due statutory recognition to such an Audit. It will onus on the company to conduct a secretarial audit on its own.
Secretarial audit makes Board of Directors assured about compliance of different provisions affecting corporate entities and thus justify their bonafide objective of not being a party, directly or indirectly, to any technical error, commission or omission, violation or contravention, breaches and non- compliance. This will also enable the directors to adopt measures to mitigate the consequences of any offenses they might have committed unknowingly. With multiplicity of laws dealing with corporate functions and the alarming increment in the implications thereof, secretarial auditor will act as a catalyst and would be able to support the Board of Directors and the Government of India.
The section 383 A(1) specifies that, every company which is not required to employ a whole time secretary and has a paid up share capital of Rs 10 lakhs or more shall file with the ROC a certificate from a secretary in whole time practice. The Compliance Certificate was made mandatory under the Companies (Amendment) Act, 2000, w.e.f. 13-12-2000, which inserted a provision in section 383A(1) of the Companies Act making it mandatory for every company not required to employ a whole-time secretary under sub-section (1) and having a paid-up share capital of Rs. 10 lakhs or more shall file with the Registrar a certificate from a secretary in whole-time practice in such form and within such time and subject to such conditions as may be prescribed, as to whether the company has complied with all provisions of this Act and a copy of such certificate shall be attached with Board’s report referred to in section 217. But before issuing such certificate a company secretary has to audit the relevant documents of the company to conclude about the position of the company. The scope, content and criteria of the audit and of the compliance certificate are framed by the Central Government of India and the rules and regulations are made in this regard. The Central Government of India has framed Companies (Compliance Certificate) Rules, 2001 regarding this which specifies a 33-item formula for Compliance Certificate. The secretarial Audit is always in the better interest of every corporate management as; an independent professional will approve that the company has carried out the compliances under the Act. This will also serve the larger interest of the shareholders, creditors and employees. The secretarial audit also help the department of company affairs and the office of the registrar, as the documents filed by the small and medium companies covered by this provision will assure proper compliance. This will even be helpful in reducing work of the inspection department. The inherent objectives of secretarial Audit are:
SECRETARIAL AUDIT ADVANTAGE: -
The following are the advantages of the secretarial audit.
Rajput Jain & Associates provides its clients with the following types of Secretarial Audit.
To make the audit effective certain additional areas such as provisions associated to Prevention of Money Laundering Act, Investor Grievances, Handling Mechanism, Power of Attorney received from investors, status of compliance of last audit/inspection are to be covered.
Private Limited Companies are those types of companies where minimum number of members is two and maximum number is two hundred. A private limited company has the limited liability of members but at the same time it has many characteristics as those of a partnership firm. A private limited company has all the advantages of partnership namely flexibility, greater capital combination of different and diversified abilities, etc., and at the same time it has advantages of limited liability, greater stability and legal entity. In this sense, a private limited company stands between partnership and widely owned public company. Identifying marks of a private limited company are name, number of members, shares, formation, management, directors and meetings, etc., The maximum number of directors shall have to be mentioned in the Articles of Association. In the grand of privileges and exemptions, the Companies Act has drawn a distinction between an independent private company and other private company which is a subsidiary to the other public company.
All the information related to any client is considered confidential and never be disclosed to anyone.
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Thank you very much for all your help in setting up my new company and clearing up all outstanding business in my sole trader accounts. For the first time in years I have peace of mind regards my business accounts. Your workforce are a credit to you, the girls at reception are so helpful and Chris has been brilliant. It is very much appreciated.
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Rajput Jain & Associates. are a tremendous value added to me as an executive and a busy parent. It just makes sense to delegate my tax file to them -- they are proactive, extremely service oriented, and most importantly, I am completely confident they are finding every dollar of tax savings available to me.
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We use Rajput Jain & Associates for all our accounting, Corporation tax, VAT and other compliance needs. The service is professional, courteous and prompt. I would recommend Rajput Jain & Associates to any company requiring a comprehensive accounting and tax service.
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