The Institute of Company Secretaries India gives out guidelines on Auditing Standards on Secretarial Audit. The mandatory application on the Auditing Standard will be carried out on 1st April 2020 onwards.
Auditing Standard on Secretarial Audit deals with basis and manner for carrying out the Secretarial Audit u/s 204 of the Companies Act, 2013 and SEBI (Listing Obligations and Disclosure Requirements), 2015.
The objective of the Standard is to lay down the principles for evaluation of statutory compliances and corporate conduct while conducting Secretarial Audit u/s 204 of Companies Act, 2013 and SEBI ( Listing obligations and disclosure requirements), 2015.
- Identification and segregation of applicable laws
- Verification of corporate conduct and compliance of laws
- Board Composition
- Board Processes
- Systems and Processes
- Reporting of Fraud
- Identification and Reporting of the events/actions having a major bearing on Auditee’s affairs