Explain the term "Secretarial Audit". In what circumstances secretarial audit is done?

The Companies Act 2013 has introduced a new requirement of Secretarial Audit for bigger companies, which has been prescribed under Section 204 of the Act . A Secretarial Audit has to be conducted by a Practising Company Secretary in respect of the secretarial and other records of the company. A secretarial audit report shall be annexed with the Board's report of the company. The Board of Directors, in their report made in terms of sub-section (3) of Section 134, shall explain in full any qualification or observation or other remarks made by the company secretary in practice in his report under sub-section (1). Circumstances in which secretarial audit is required: Every listed company and Company belonging to other class of companies: The other class of companies are: Every public company having a paid-up share capital of fifty crore rupees or more; or Every public company having a turnover of two hundred fifty crore rupees or more.