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Secretarial audit when applicable

29 April 2016

hello Friends, I have question in regards to Secretarial Audit applicability, our company has changed its financial year cause of which we have to prepare accounts for 18 months. As our accounts are made for 18 months now the turnover has crossed the threshold limit of 250 Cr. for turnover. Is Audit will be done for year i.e. 2014-15 as we are at late filing status too. kindly share your views on this issue.... Thanks,

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3 Replies

CS Sanchita Bhardwaj (Company Secretary) (111 Points)
Replied 30 April 2016

Turnover as per section 2(91) means amount realised during a financial year. Since the turnover exceeds the specified limit der to change in financial year, total tunover for 18 months should not be considered. However, please check the tunover for 12 months shall not exceed Rs. 250 Crore. If so, Secretarial audit will have to be done.

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Megha Choudhary (Management Trainee) (541 Points)
Replied 30 April 2016

Yes check whether your fiancial pd which is of 12 months (april to march) ..does the turnover exceeds 250 crore or not?

if it does then secreatarial audit needs to be done.

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P C Agrawal (Registered independent director Past Chairman of Aurangabad Chapter of ICSI Practicing Company Secretary at Aurangabad) (8229 Points)
Replied 02 May 2016

'Financial year' may or may not be of 12 months. CLB can permit different period as financial year. Ref.Sec.2(41).

Hence you have to consider turnover during 18 months financial year.

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