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Secretarial Audit (MGT-8)
A Secretarial Audit, often referred to as MGT-8 audit, is a comprehensive review of a company's compliance with various laws and regulations applicable to its operations. This audit is conducted by a qualified Company Secretary (CS) who examines the company's records, documents, procedures, and processes to ensure compliance with legal and regulatory requirements. You Can Choose My Dream Consultant as Top Secretarial Audit Consultant
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What Is Secretarial Audit (MGT-8) ?
A Secretarial Audit, often referred to as MGT-8 audit, is a comprehensive review of a company’s compliance with various laws and regulations applicable to its operations. This audit is conducted by a qualified Company Secretary (CS) who examines the company’s records, documents, procedures, and processes to ensure compliance with legal and regulatory requirements. You Can Choose My Dream Consultant as Top Secretarial Audit Consultant
Who needs Secretarial Audit (MGT-8) ?
- Listed Companies:
- Public Companies:.
- Large Private Companies:.
- Companies under Regulatory Oversight:.
- Companies Receiving Public Funds:.
- Entities with Special Governance Requirements:
- Companies in Financial Distress:.
What are the Types Of Secretarial Audit (MGT-8) ?
- Listed Companies
- Large Companies
- Companies under Regulation
- Companies Appointed by Tribunals or Authorities
- Voluntary Audit
What are the Documents Required For Secretarial Audit (MGT-8) ?
- Enhanced Independence:
- Resolution of Conflicts:.
- Improved Audit Quality:.
- Compliance with Regulatory Requirements:.
- Addressing Performance Issues:.
- Enhanced Confidence:.
- Reputation Management:.
- Facilitating Organizational Changes:
- Addressing Governance Concerns:.
- Compliance Certificates:.
- Regulatory Filings:.
- Correspondence and Notices:
- Internal Policies and Procedures:
- Any other Documents as requested:
What are the Benefits Of Secretarial Audit (MGT-8) ?
- Compliance Assurance:.
- Identifying Non-Compliance:.
- Enhanced Corporate Governance:.
- Risk Management:.
- Stakeholder Confidence:.
- Legal and Regulatory Compliance Reporting:
- Preventing Litigation and Penalties:
- Continuous Improvement:
What is the Stepwise Process Of Secretarial Audit (MGT-8) ?
- Engagement Initiation:
- The company engages a qualified Company Secretary (CS) to conduct the Secretarial Audit.
- The scope, objectives, and timelines of the audit are defined, and the terms of engagement are agreed upon between the company and the CS.
- Pre-Audit Planning:
- The CS conducts an initial review of the company’s organizational structure, activities, and legal framework.
- The audit plan is developed, outlining the areas to be examined, the documents to be reviewed, and the audit procedures to be followed.
- Document Collection:
- The CS requests relevant documents and records from the company, including incorporation documents, registers, minutes of meetings, financial statements, regulatory filings, contracts, agreements, and policies.
- Document Review:
- The CS thoroughly reviews the documents and records provided by the company to assess compliance with legal and regulatory requirements.
- This includes examining the Memorandum and Articles of Association, minutes of board and shareholders’ meetings, registers of members and directors, annual returns, financial statements, and other relevant documents.
- On-Site Audit Procedures:
- The CS conducts on-site visits to the company’s premises to verify the accuracy and completeness of the documents and records.
- Interviews may be conducted with key personnel, including directors, officers, and employees, to gather additional information and insights.
- Compliance Assessment:
- The CS assesses the company’s compliance with various provisions of corporate laws, regulations, and guidelines applicable to its operations.
- This includes evaluating compliance with requirements related to corporate governance, board structure, shareholders’ rights, disclosure obligations, related-party transactions, and other relevant areas.
- Identification of Non-Compliance:
- Any instances of non-compliance, irregularities, or violations of laws and regulations are identified during the audit process.
- The CS documents observations, discrepancies, and areas requiring corrective action in the audit findings.
- Reporting:
- The CS prepares a detailed report known as the MGT-8 report, which summarizes the audit findings, observations, and recommendations.
- The report includes an executive summary, detailed analysis of compliance status, observations, suggested corrective actions, and recommendations for improvement.
- Discussion and Review:
- The CS presents the audit findings and recommendations to the company’s management, board of directors, or audit committee.
- Any queries or concerns raised by the company are addressed, and feedback is incorporated into the final report.
- Filing with Regulatory Authorities:
- The company files the MGT-8 report with the regulatory authorities, such as the Ministry of Corporate Affairs (MCA) in India, within the prescribed timeline.
- Compliance certificates or other documents may also be filed with regulatory authorities as required by applicable laws and regulations.
- Follow-Up and Monitoring:
- The company implements the recommended corrective actions and measures to address areas of non-compliance identified during the audit.
- The CS may conduct follow-up reviews or periodic audits to monitor compliance and assess the effectiveness of corrective actions taken by the company.
- Closure and Documentation:
- The Secretarial Audit process is concluded, and all documentation related to the audit, including the audit plan, working papers, correspondence, and reports, are appropriately filed and maintained for future reference.
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Basic Plan
$ 19.50
/Week
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- Financial Analysis and Reporting
- Budgeting and Forecasting
- Financial Education Programs
- Business Strategy Development
- Market Entry and Expansion
- Mergers and Acquisitions
Business Plan
$ 29.50
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- Financial Analysis and Reporting
- Budgeting and Forecasting
- Financial Education Programs
- Business Strategy Development
- Market Entry and Expansion
- Mergers and Acquisitions
Enterprise Plan
$ 39.50
/Week
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- Financial Analysis and Reporting
- Budgeting and Forecasting
- Financial Education Programs
- Business Strategy Development
- Market Entry and Expansion
- Mergers and Acquisitions
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