Company Secretaries can now act as whistleblowers
PrintListen to this Article
"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 : 1134
ICSI Council has allowed Company Secretaries in Practice to be registered and act as Trade Marks Agent / IPR Agent. In this regard, the Council of the Institute pursuant to the powers conferred under Clause (0 of Sub-Section (2) of Section 2 of the Company Secretaries Act, 1980 read with Regulation 168 of the Company Secretaries Regulations, 1982 has allowed ‘Company Secretaries in Practice to act as IPR agent’ [Ref: Item II (I) of the Resolution as mentioned below]. The aforesaid...
The Institute of Company Secretaries of India appreciates the efforts of the Government of India in bringing the Chartered Accountants, the Cost and Works Accountants and the Company Secretaries (Amendment) Bill, 2021. Passed in Lok Sabha on 30th March, 2022 and in Rajya Sabha on 5th April 2022, the Bill is aimed at strengthening the disciplinary mechanism of the three Institutes by including more external representation on Discipline Board and Committee and ensuring time bound dispos...
The Union Cabinet, chaired by the Prime Minister Shri Narendra Modi has granted ex-post facto approval to the Memorandum of Understandings (MoUs) entered into by Institute of Cost Accountants of India (ICoAl) and Institute of Company Secretaries of India (ICSI) with various Foreign Countries/Organisations. The Institute of Cost Accountants of India (ICoAl) and the Institute of Company Secretaries of India (ICSI) have signed MoUs with foreign organisations namely Institute of Public Accountant...
The Institute of Company Secretaries of India (ICSI) has started free online crash course for students who have enrolled for CS July 2020 examination. The crash course has been organised under ICSI e-VIDHYA VAHINI programme. The online classes are being conducted for Foundation, Executive and Professional programmes. The Professional and Executive courses will commence from 18 May, while Foundation course will start from 10 June. All the courses will continue till 2 July. The courses are f...
Private companies with total outstanding debt of Rs 100 crore or more to banks and financial institutions will now have to submit a secretarial audit report to the government, according to a rule notified by the corporate affairs ministry on Monday. Under the previous rules, public companies with a paid-up share capital of Rs 50 crore or more or those with a turnover of Rs 250 crore or more were required to submit secretarial audit reports along with their board reports. In a move aimed at bo...
Comments