CS Professional · Banking and Insurance - Laws and Practice · Professional Opportunities
Mr Iyer, a practising Company Secretary, is engaged by Himalaya Insurance Ltd to certify that the company has complied with the applicable laws and regulations during the year, including IRDAI requirements. Which kind of engagement is this?
This is a secretarial audit and compliance certification engagement. A practising Company Secretary verifies and certifies adherence to company law, IRDAI regulations and other applicable laws, unlike actuarial valuation, loss assessment or statutory financial audit, which belong to other professionals.
- ASecretarial audit and compliance certificationCorrect
- BActuarial valuation of policy liabilities
- CLoss assessment under a marine policy
- DStatutory audit of the financial statements under the audit provisions for chartered accountants only
Explanation
A practising Company Secretary conducts secretarial audit and issues compliance certificates on adherence to company law, regulatory and listing requirements. Actuarial valuation is done by an appointed actuary, loss assessment by surveyors, and statutory audit of accounts by auditors who are chartered accountants.
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