News Details- (Get Professional Updates on Whatsapp, Msg on
8285393786) More
News
Company Secretaries can now act as whistleblowers
PrintWith the new Companies Act in place, company secretaries (CS) like other statutory auditors can now act as whistleblowers if they detect any fraud.
"There is a provision of whistleblower in the new Companies Act. It is now mandated in the act of 2013," Institute of Company Secretaries of India (ICSI) president Atul Mehta said.
Practising company secretaries, he added, will be mandatorily required to carry out the secretarial audit of companies whose paid-up capital is more than Rs 50 crore and a turnover exceeding Rs 250 crore.
This was akin to the kind of audit carried out by statutory auditors for financial audit and cost accountants for cost audit for listed companies, he told reporters here on Saturday.
Mehta said that if any fraud was detected by the practising CS, it will have to be reported either to the audit committee or the corporate affairs ministry, depending on the quantum of the money involved.
"The new Act has made this mandatory," Mehta said adding that the secretarial auditor will also have to attach his report, along with the board of directors statement in the annual report.
The secretarial auditor will be allowed to make any qualifying remarks in the report like the statutory auditor.
The corporates will have to follow the secretarial standards and need to comply by July 1, 2015.
"There is a provision of whistleblower in the new Companies Act. It is now mandated in the act of 2013," Institute of Company Secretaries of India (ICSI) president Atul Mehta said.
Practising company secretaries, he added, will be mandatorily required to carry out the secretarial audit of companies whose paid-up capital is more than Rs 50 crore and a turnover exceeding Rs 250 crore.
This was akin to the kind of audit carried out by statutory auditors for financial audit and cost accountants for cost audit for listed companies, he told reporters here on Saturday.
Mehta said that if any fraud was detected by the practising CS, it will have to be reported either to the audit committee or the corporate affairs ministry, depending on the quantum of the money involved.
"The new Act has made this mandatory," Mehta said adding that the secretarial auditor will also have to attach his report, along with the board of directors statement in the annual report.
The secretarial auditor will be allowed to make any qualifying remarks in the report like the statutory auditor.
The corporates will have to follow the secretarial standards and need to comply by July 1, 2015.
Category : ICSI | Comments : 0 | Hits : 1125
Get Free Daily Updates Via e-Mail on Income Tax, Service tax, Excise and Corporate law
Search News
News By Categories More Categories
- Income Tax Dept serves notices to salaried individuals for documentary proof to claim exemptions
- Bank Branch Audit 2021 - Update on allotment of Branches
- Bank Branch Audit 2020 Updates
- Bank Branch Audit 2021 Updates
- Bank Branch Audit 2020 - Update on Allotment of Branches
- Police Atrocities towards CA in Faridabad - Its Time to be Unite
- Bank Branch Statutory Audit Updates 2019
- Bank Branch Statutory Audit Updates
- Bank Branch Audit 2022 Updates
- Bank Branch Statutory Audit Updates
- NFRA Imposes Monetary penalty of Rs 1 Crore on M/s Dhiraj & Dheeraj
- ICAI notifies earlier announced CA exam dates despite pending legal challenge before SC
- NFRA debars Auditors, imposes Rs 50 lakh penalties for lapses in Brightcom, CMIL cases
- GST Important Update - Enhancement in the GST Portal
- NFRA Slaps Rs 5 lakh Penalty on Audit Firm for lapses in Vikas WSP Audit Case
- CBDT extends due date for filing Form 10A/10AB upto 30th June, 2024
- RBI comes out with FEMA regulations for direct listing on international exchange
- RBI directs payment firms to track high-value, fishy transactions during elections
- NCLT orders insolvency proceedings against Subhash Chandra
- Income Tax dept starts drive to dispose of appeals, 0.54 million at last count
- Payment of MCA fees –electronic mode-regarding
- Budget '11-12' Parliament Completes Approval Exercise
- Satyam restrained from operating its accounts
- ICICI a foreign firm, subject to FDI norms: Govt
- Maha expects Rs 15 crore entertainment tax revenue from IPL
- CAG blames PMO for not acting against Kalmadi
- No service tax on visa facilitators: CBEC
- Provision of 15-minutes reading and planning time allowance to the candidates of Chartered Accountants Examinations
- Companies Bill to be taken up in Monsoon Session
- File Service Tax Return in time as Maximum Penalty increased 10 times to Rs. 20000
Comments