Why Secretarial Audit has to be done for AOC-4 XBRL Filing?

A Secretarial Audit is the audit of non-financial aspects of the business impact on the company’s performance and verifies compliances with applicable laws, regulations, and guidelines. 

Qualifying companies regulated by the MCA shall annex a secretarial audit report along with the board’s report presented by a Company Secretary in practice.

The company is obliged to give all necessary assistance and facilities to the company secretary in practice for auditing the secretarial and related records of the company. The board of directors, in their report, shall explain in full any qualification or observation or other remarks made by the company secretary in his report.

Secretarial Audit for AOC-4 XBRL Filing Applicability:

As per Section 204 (1) of the Companies Act, 2013, read with rule 9 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, Secretarial Audit applies to the following companies:

  1. Every listed company
  2. Every public company has a paid-up share capital of Rs. 50 crore or more.
  3. Every public company has a turnover of Rs. 250 crore or more.
  4. Every company has outstanding loans or borrowings from banks or public financial institutions of Rs. 100 crore or more.

These companies shall annex with their Board’s Report a Secretarial Audit Report in form MR-3.

The Secretarial audit report must be prepared by designated a Company Secretary and it should be enclosed with the AOC-4 XBRL form for submission to the Ministry of Corporate Affairs – MCA.

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