B Com Exam > B Com Notes > Auditing and Secretarial Practice > Company Secretary in Practice - Auditing & Secretarial practice
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Practicing Company Secretary
A member of the ICSI not in any employment is entitled to practice after obtaining a Certificate of Practice from the Institute.
Section 2(25) of the Companies Act, 2013 defines the term "company secretary in practice" which means a company secretary who is deemed to be in practice under sub-section (2) of section 2 of the Company Secretaries Act, 1980.
Section 2(2) of the Company Secretaries Act, 1980 (hereinafter called the Act) provides that a member of the Institute shall be deemed to be in practice when, individually or in partnership with one or more members of the Institute in practice or in partnership with members of such other recognised professions as may be prescribed, does any of the following in consideration of remuneration received or to be received: engages himself in the practice of the profession of company secretaries to, or in relation to, any company; or
(b) offers to perform or performs services in relation to the promotion, formation, incorporation, amalgamation, reconstruction, reorganisation or winding up of companies; or
(c) offers to perform or performs such services as may be performed by:
(i) an authorised representative of a company with respect to filing, registering, presenting, attesting or verifying any documents (including forms, applications and returns) by or on behalf of the company,
(ii) a share transfer agent,
(iii) an issue house,
(iv) a share and stock broker, a secretarial auditor or consultant, an advisor to a company on management including any legal or procedural matter falling under the Capital Issues (Control) Act, 1947
** the Industries (Development and Regulation) Act, 1951, the Companies Act, 1956, the Securities Contracts (Regulation) Act, 1956, any of the rules or bye-laws made by a recognised stock exchange, the Monopolies and Restrictive Trade Practices Act, 1969, the Foreign Exchange Regulation Act, 1973*, or under any other law for the time being in force,
(vii) issuing certificates on behalf of or for the purposes of, a company; or
(d) holds himself out to the public as a company secretary in practice; or
(e) renders professional services or assistance with respect to matters of principle or detail relating to the practice of the profession of company secretaries; or renders such other services as, in the opinion of the Council, are or may be rendered by a company secretary in practice
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FAQs on Company Secretary in Practice - Auditing & Secretarial practice - Auditing and Secretarial Practice - B Com
| 1. What is the role of a Company Secretary in Auditing and Secretarial practice? |  |
Ans. A Company Secretary in Auditing and Secretarial practice plays a crucial role in ensuring compliance with legal and regulatory requirements. They assist in conducting internal and external audits, reviewing financial statements, maintaining corporate records, and ensuring the company adheres to corporate governance principles.
| 2. What are the key responsibilities of a Company Secretary in Auditing and Secretarial practice? | |
Ans. The key responsibilities of a Company Secretary in Auditing and Secretarial practice include:
- Assisting in conducting internal and external audits to ensure compliance with financial and legal requirements.
- Reviewing financial statements to ensure accuracy and compliance with accounting standards.
- Maintaining and updating corporate records, including minutes of meetings, resolutions, and statutory registers.
- Ensuring compliance with corporate governance principles and regulations.
- Providing guidance and advice to the board of directors on legal and regulatory matters.
| 3. What qualifications are required to become a Company Secretary in Auditing and Secretarial practice? | |
Ans. To become a Company Secretary in Auditing and Secretarial practice, one must possess a Bachelor's degree in Commerce (B.Com) or a related field. Additionally, they should have completed the Company Secretary (CS) course from the Institute of Company Secretaries of India (ICSI) and obtained the necessary certifications. Practical experience and proficiency in auditing and secretarial practices are also essential.
| 4. What are the benefits of hiring a Company Secretary in Auditing and Secretarial practice? | |
Ans. Hiring a Company Secretary in Auditing and Secretarial practice offers several benefits, including:
- Ensuring compliance with legal and regulatory requirements, reducing the risk of penalties or legal issues.
- Improving corporate governance practices and enhancing transparency within the organization.
- Assisting in conducting thorough audits, identifying financial irregularities, and implementing necessary corrective measures.
- Providing expert advice on legal and regulatory matters, guiding the board of directors in making informed decisions.
- Maintaining accurate and up-to-date corporate records, facilitating smooth operations and decision-making processes.
| 5. How can a Company Secretary in Auditing and Secretarial practice contribute to the overall success of a company? | |
Ans. A Company Secretary in Auditing and Secretarial practice can contribute to the overall success of a company by ensuring compliance with legal and regulatory requirements, minimizing financial risks, and enhancing corporate governance practices. Their expertise in auditing and secretarial practices helps in identifying and rectifying any financial irregularities, improving transparency and accountability. By maintaining accurate corporate records and providing guidance on legal matters, they facilitate effective decision-making and help the company achieve its strategic objectives.
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