Seminar on Peer Review & Conflict of Interest
In the first session of the programme, CS Surendra Kumar Jain showcased the topic “PEER REVIEW”. He told that Peer Review means an examination and review of the systems, procedures and practices to determine whether they have been put in place by the practice unit for ensuring the quality of attestation services as envisaged and implied / mandated by the technical standards and whether these were effective or not during the period under review.
He also highlighted various services which are covered under Peer Review:
Certification / Signing of Annual Return
Issuance of Secretarial Audit Report
Issuance of Certificates under clause 47C of the listing agreement
Issuance of Compliance Certificates
Issuance of Reconciliation of Share Capital
Certification under Clause 49 of Listing Agreement.
Shri S. K. Jain told the participants that the Review shall focus on:
§ Compliance with Technical Standards.
§ Quality of Reporting.
§ Office systems and procedures with regard to compliance of attestation services systems and procedures.
§ Training Programs for staff (including apprentices) concerned with attestation functions, including appropriate infrastructure.
He also said that a member of the Institute who –
Ø Possesses at least 10 years of post membership experience (could be as an employee or as PCS or as a combination of the two).
Ø Is currently in practice as a Company Secretary.
qualifies to become a Peer Reviewer.
He told that it is obligatory for the Practice Unit to –
§ Provide access to any record or document as may be asked for by the reviewer.
§ Afford and provide explanation or further particulars in respect of anything produced before the Peer Reviewer
§ Provide all assistance in connection with peer review.
§ Allow the reviewer to inspect, examine or take any abstract of or extract from a record or document or copy there from which may be required by the reviewer.
In the end, Shri S. K. Jain explained the participants about the framework of Peer Review which is a 3 stage process:–
ü Return of completed Questionnaire
ü Sample of Attestation service engagements
ü Confirmation of Visit
ü Initial meeting
ü Compliance Review – General Controls
ü Selection of Attestation services engagements to be reviewed
ü Review of record
ü Preliminary Report of Reviewer
ü Interim Report of Reviewer
ü Final Report of Reviewer
In the next session of the programme, our guest speaker, Shri Nikhil Agrawal took the topic “Conflict of Interest”. He explained that a conflict of interest is a situation in which an individual has competing interests or loyalties. It comes about when there are competing priorities. To solve it, one of those priorities needs to be either eliminated or documented as being gone. A conflict of interest can exist in many different situations. Conflict of Interest may arise anywhere:
Ø In workplace
Ø In personal life
He also said that in case of conflict of interests, many a times we get confused and end up taking wrong decisions. To avoid that, one should properly plan his work and note down the things. This will help the person in solving the issues step by step and in the end he will realize that he has prepared himself well for facing and solving the problem.
Shri Nikhil Agrawal also said that over thinking is injurious to health. We think a lot and do nothing. We think about those things which do not deserve our attention and waste our time. To avoid over thinking, one must:-
§ Set priorities
§ Do meditation, Yoga, Walking, etc.
The last session was of question and answer round. The faculties answered the various questions and solved the queries raised by the participants. The programme ended with a vote of thanks to the dignified faculty members by Shri Avinash Jain, President, TPF Raipur branch.