Differentiate between 'secretarial audit' and 'internal audit'.

Basis Secretarial Audit Internal Audit Definition Secretarial Audit is an audit to check compliance of various legislations including the Companies Act and other corporate and economic laws applicable to the company. Internal audit is an independent management function, which involves a continuous and critical appraisal of the functioning of an entity with a view to suggest improvements thereto and add value to and strengthen the overall governance mechanism of the entity, including the entity's strategic risk management and internal control system. Applicability It is applicable to every listed company and 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. It is applicable to every listed company; every unlisted public company having - paid up share capital ₹50 crores rupees during the preceding financial year; or turnover ₹200 crore rupees or more during the preceding financial year; or outstanding loans or borrowings from banks or public financial institutions > ₹100 crore rupees or more at any point of time during the preceding financial year; or outstanding deposits ₹25 crore at any point of time during the preceding financial year; and every private company having- turnover ₹200 crore rupees or more during the preceding financial year; or outstanding loans or borrowings from banks or public financial institutions > ₹100 crore rupees or more at any point of time during the preceding financial year. Qualifications for auditor A Secretarial Audit has to be conducted by a Practising Company Secretary in respect of the secretarial and other records of the company. The internal auditor shall either be a chartered accountant whether engaged in practice or not or a cost accountant, or such other professional as may be decided by the Board to conduct internal audit of the functions and activities of the company. Report of the audit A secretarial audit report shall be annexed with the Board's report of the company. The report of internal audit shall be submitted to the Board of the company.