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

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