Statutory compliance audits and assessments
An independent, rated view of whether you comply with the laws that apply to you, and of whether your framework, tools and policies would tell you if you did not.
An independent review of whether you comply with the laws that apply to you, and of the framework, tools and policies meant to make sure you do.
A compliance audit tests the business against the law, not against its own procedures. We review the compliances that apply to each entity and location and record where you stand today: complied, delayed, partly complied or missed.
We also test the system meant to keep you compliant. That means the compliance framework, any compliance tool in use (is its checklist complete and current?), and the compliance and statutory policies that sit behind it. Each gap is rated by the risk it carries, so management fixes the most serious first.
The result is a view management can certify against, and a plan the board can follow to closure.
You need an as-is view of compliance before a listing, an acquisition, a regulator's visit or a board certification.
Signs we see most often
- 01A listing, an acquisition, a fund-raise or a regulator's visit is coming.
- 02Management is asked to certify compliance to the board.
- 03Your compliance tool shows green, but no one has checked its checklist.
- 04You have had notices, penalties or late filings.
Scoped in writing, run by one accountable team.
Every engagement starts with agreed questions, a reporting line and a confidentiality protocol. The steps below are how this service usually runs; we adapt them to your matter.
- 01ScopeAgree the entities, locations, law categories and period.
- 02ReviewTest applicable compliances against records and evidence.
- 03Assess the systemReview the framework, the compliance tool and statutory policies for completeness.
- 04RateRate each gap by compliance risk.
- 05ReportFindings and a remediation plan with owners and dates.
- 06Follow upTrack remediation until gaps are closed.
A rated view of compliance gaps, and a plan to close them, that management can certify against.
- An as-is compliance status by entity, location and law category
- A compliance risk assessment with rated gaps
- A review of the compliance framework, tool and policies
- A remediation plan with owners and dates
The law and frameworks this work is aligned to
- Companies Act, 2013 and the Secretarial Standards
- The four Labour Codes and state labour and establishment laws
- Environment, health and safety, tax, FEMA and trade laws
- Aligned to ISO 37301 compliance management systems
- Aligned to ISO 31000 risk management
References show the standard the work is built to. They do not imply accreditation or endorsement by the bodies that publish them.
This is a summary of the service. For a deeper understanding of how it would work for your organisation, please reach out to us.
Talk to a BDI partnerQuestions clients ask before we start.
Is this the statutory secretarial audit?
No. Under section 204 of the Companies Act, the secretarial audit report in Form MR-3 is given by a company secretary in practice. Our review covers all the laws that apply to you and can help you prepare for it.
How is this different from an internal audit?
An internal audit tests your controls and processes. A compliance audit tests whether you meet your legal obligations. They work well together, and we can run both.