Performance Management and Appraisal - Review of Internal Control, Auditing and Secretarial Practice Video Lecture | Auditing and Secretarial Practice - B Com

Ans. Performance management and appraisal aim to evaluate and improve employee performance by setting goals, providing feedback, and identifying areas for development. It helps organizations align individual and team objectives with overall business goals and provides a framework for recognizing and rewarding high performers.

Ans. Internal control refers to the processes, policies, and systems put in place by an organization to safeguard its assets, ensure accuracy and reliability of financial reporting, and promote operational efficiency. It helps prevent fraud, errors, and mismanagement, thus providing assurance to stakeholders that the organization's operations are being conducted in a controlled and effective manner.

Ans. Auditing involves independent examination and evaluation of an organization's financial statements, internal control systems, and compliance with laws and regulations. It helps identify weaknesses in internal control and provides recommendations for improvement. By assessing the effectiveness of internal control, auditing enhances transparency, accountability, and trustworthiness in an organization's operations.

Ans. Secretarial practice ensures that an organization complies with legal and regulatory requirements, maintains proper corporate governance, and facilitates effective communication between management, shareholders, and regulatory bodies. It involves managing board meetings, maintaining statutory records, drafting legal documents, and ensuring adherence to corporate laws and regulations. By promoting good governance and compliance, secretarial practice helps safeguard the interests of stakeholders.

Ans. Performance appraisals provide several benefits, including: 1. Identifying strengths and weaknesses: Appraisals help employees and managers identify areas of strength and areas that need improvement, enabling targeted development and training programs. 2. Setting goals: Appraisals provide an opportunity to set specific, measurable, achievable, relevant, and time-bound (SMART) goals for individuals and teams, aligning them with organizational objectives. 3. Performance feedback: Regular feedback during appraisals helps employees understand how their performance aligns with expectations, fostering a culture of continuous improvement. 4. Recognition and rewards: Appraisals allow organizations to recognize and reward high performers, boosting morale and motivation within the workforce. 5. Succession planning: Appraisals assist in identifying potential candidates for succession planning, ensuring a pipeline of talented individuals ready to assume leadership roles in the future.