What are the benefits which a practice unit will obtain in undergoing a peer review?
CS Professional · Secretarial Audit, Compliance Management and Due Diligence · PYQS · December 2019
What are the benefits which a practice unit will obtain in undergoing a peer review?
Answer & Explanation:
There are significant benefits which a Practice Unit (PU) will obtain in undergoing a Peer Review. These may be summarised below: A successful peer review will provide comfort to the PU that he has adhered to various statutory, documentary and other regulatory requirements. If deficiencies are noticed and corrective measures suggested, the PU will have an opportunity to correct the deficiencies and thereby enhance his professional competence. If a Peer Review Certificate is issued in favour of the PU it enhances his credibility in the eyes of the general public. Since a Chinese wall exists between the Peer Review Process and the Disciplinary Proceedings, the PU will benefit from peer review without any apprehension of any disciplinary proceedings being initiated against him for any deficiencies noticed on his part. Clients of the PU will benefit from knowing that their PU is periodically reviewed by the ICSI.
Topics: Secretarial Audit
Related Questions in this Topic
- As a Secretarial Auditor, state the activities which you shall concentrate during audit relevant to the SEBI (Share Base...
- During the process of preparing the Form No. MGT-8 and Form No. MGT-7, for ABC Ltd. X, the PCS felt that there are some ...
- J is a Practicing Company Secretary. He had taken a personal loan of ₹75,00,000 from LKP Ltd. He has used such loan towa...
- How the evaluation of internal audit function can be helpful to the secretarial auditor in performance of his duties ? D...
- Indicate the scope of secretarial audit, which should be taken into consideration by a Practicing Company Secretary, to ...