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Question
Explain the following Term/Concept:
Secretarial Audit
Solution
(1) Secretarial Audit is an audit to check implementation (compliance) of various legislations including the Companies Act and other corporate and economic laws applicable to the company. It is a mechanism to monitor compliance requirements. It aims at detecting mistakes or errors in the compliance mechanisms.
(2) Secretarial Audit helps the company to avoid risks and losses due to non-compliance. It creates confidence among regulators, management, and stakeholders that the company is following a disciplined approach of evaluation and improve effectiveness, risk management, control, and governance.
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