Leave liability given by the acturial

Ram veer (Querist) 30 July 2012 This query is : Resolved
Dear Members,

I am a Govt. Auditor conducting audit of PSUs. A PSU given the leave data from 1 January to 31 December to actuarial for determining the leave encasement liabilities in the books of accounts. I wants to know whether the actuarial having a special formula to calculate the leave liability up to 31st March because the leave data was given up to only 31st December?

regards
ramveer

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Sudhir Kumar, Advocate Online

(Expert) 01 August 2012
Please see leave rules of the PSU. Leave entitlement of employees is generally on calender year basis.

Guest (Expert) 01 August 2012
It would have been better had you asked your query from some acturial professional. An actuary is specially qualified in acturial business that includes –

(1) financial and mathematical modeling, including mortality and morbidity rates;

(2) analysis and management of uncertainty;

(3) evaluation of financial consequences;

(4) analysis of risk and risk management;

(5) scientific pricing and reserving techniques;

(6) asset/liability management, and

(7) overall financial management.

In fact an actuary's profession is more practical, analytical and pains taking as compared with an audit job. In other words more sophisticated audit is done by an actuary as compared to a regular auditor.

If you really want to know the figures on financial year basis for the purpose of audit, it would be better for you to make your calculations on prorata basis, if you don't want to rely on the work of an actuary.

prabhakar singh (Expert) 01 August 2012
An intelligent dealing by Mr.Dhingra.

Guest (Expert) 01 August 2012
Prabhakar ji,

Thanks for the complements!

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