Im into stat audit of a pvt limited company,the company has LIC Policy for gratuity;
1.What shall be checked while checking compliance to AS 15.
2.What is acturial valuation report? How shall it be accounted for.
3.Will the acturial report provided by LIC at end of march 2015 will be FY 14-15 or 15-16.
4.What provision shall be done.
Dear Vinayak ,
Requirement and Procedure to verify AS-15 compliance is as follows:-
1.Check the data send by company to actuary/ LIC. In which you need to verify age and salary of employees
2.Check assumption taken by LIC regarding discount rate , Employee Turnover and salary increment rate
3.You can take basis of LIC report submitted at the end of fy 14-15 for provision of fy14-15.
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