B Com Exam > B Com Videos > Auditing and Secretarial Practice > Role of Company Secretary, Auditing and Secretarial Practice
Role of Company Secretary, Auditing and Secretarial Practice Video Lecture | Auditing and Secretarial Practice - B Com
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55 videos|53 docs|24 tests
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FAQs on Role of Company Secretary, Auditing and Secretarial Practice Video Lecture - Auditing and Secretarial Practice - B Com
| 1. What is the role of a Company Secretary? |  |
Ans. A Company Secretary is a vital role within a company, responsible for ensuring compliance with legal and regulatory requirements. They assist in the efficient administration of the company, maintain statutory records, and ensure proper corporate governance. They also act as a bridge between the company's board of directors, management, and shareholders.
| 2. What is Auditing in the context of Secretarial Practice? | |
Ans. Auditing in the context of Secretarial Practice refers to the examination and verification of the company's financial records, transactions, and internal controls. It ensures the accuracy and reliability of financial statements and compliance with applicable laws and regulations. The company secretary plays a crucial role in facilitating the auditing process by providing necessary documentation and information to auditors.
| 3. What are the key responsibilities of a Company Secretary in Auditing? | |
Ans. The key responsibilities of a Company Secretary in Auditing include:
- Assisting in the preparation of financial statements and coordinating with auditors for their review.
- Providing necessary documents, records, and explanations to auditors during the audit process.
- Ensuring compliance with auditing standards, legal requirements, and internal control procedures.
- Reviewing and verifying financial and accounting records to identify any discrepancies or errors.
- Participating in discussions with auditors to address any concerns, queries, or recommendations arising from the audit.
| 4. How does Secretarial Practice contribute to effective corporate governance? | |
Ans. Secretarial Practice plays a crucial role in ensuring effective corporate governance by:
- Assisting in the implementation of corporate governance policies and procedures.
- Providing advice and guidance to the board of directors on corporate governance practices and compliance.
- Ensuring proper communication and coordination between the board, management, and shareholders.
- Facilitating the conduct of board meetings, recording minutes, and ensuring compliance with meeting procedures.
- Maintaining proper records and documentation related to corporate governance activities, such as board resolutions and policies.
| 5. What skills are required to excel in the field of Secretarial Practice and Auditing? | |
Ans. To excel in the field of Secretarial Practice and Auditing, one should possess the following skills:
- Strong knowledge of corporate laws, regulations, and governance practices.
- Excellent communication and interpersonal skills to effectively liaise with various stakeholders.
- Attention to detail and analytical skills for reviewing financial records and identifying discrepancies.
- Organizational and time management skills to handle multiple tasks and meet deadlines.
- Ethical and professional conduct to maintain confidentiality and integrity in handling sensitive information.
Text Transcript from Video
the company secretary is an officer of
the organization and as such they have
very specific to G's but those duties
aren't specified in the Companies Act
and there are three general areas where
a company secretary will perform the
first area is statutory and regulatory
compliance so the company secretary will
ensure that all the statutory and
regulatory compliance is done
appropriately so this can range from
anything from Companies House compliance
to LSC compliance compliance with the UK
cop ID code and and the Charities
Commission depending on what kind of an
organization you are the second area is
managing the meetings of directors and
shareholders this can range from
everything from ensuring the notices are
sent out properly to making sure that
the the business that's going to be
discussed is appropriate and timely a
good company secretary will ensure that
these are planned well in advance to
ensure that the director duties are
being delivered and it will also require
quite a lot of significant communication
throughout the whole organization to
make sure that everyone was aware of
when decisions need to be made and how
they're going to be made the third area
is carrying at the governance duties of
the organization these are the
responsibilities primarily of the church
chairman and however they will be
carried out by the company secretary and
our areas like board appointments
training skills review and also
delegations and decision-making
the organization and as such they have
very specific to G's but those duties
aren't specified in the Companies Act
and there are three general areas where
a company secretary will perform the
first area is statutory and regulatory
compliance so the company secretary will
ensure that all the statutory and
regulatory compliance is done
appropriately so this can range from
anything from Companies House compliance
to LSC compliance compliance with the UK
cop ID code and and the Charities
Commission depending on what kind of an
organization you are the second area is
managing the meetings of directors and
shareholders this can range from
everything from ensuring the notices are
sent out properly to making sure that
the the business that's going to be
discussed is appropriate and timely a
good company secretary will ensure that
these are planned well in advance to
ensure that the director duties are
being delivered and it will also require
quite a lot of significant communication
throughout the whole organization to
make sure that everyone was aware of
when decisions need to be made and how
they're going to be made the third area
is carrying at the governance duties of
the organization these are the
responsibilities primarily of the church
chairman and however they will be
carried out by the company secretary and
our areas like board appointments
training skills review and also
delegations and decision-making
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About this Video
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Dec 23, 2024 Last updated |
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