Prevention is preferable than treatment.
You see your doctor regularly to identify and diagnose problems regarding your personal health. A regular company health check to evaluate the legal soundness of the company is just as essential for you financially.
Simply put, a legal audit is an excellent business. The expenses of performing a company health check are minimal compared to the costs of litigation or falling foul of government regulatory agencies. It’s similar to buying your health insurance premium: if you become sick, it might be the most incredible money you’ve ever spent!
A business legal health check entails more than just ensuring compliance.
It also provides that you are entirely using your legal position concerning suppliers, consumers, and rivals. From such a perspective it might be compared to patient physicals or vehicle tune-ups.
Your benefits at a glance:
- We build on our extensive experience across sectors. We have had the chance to see up close what types of problems lead to costly litigation scenarios when not addressed correctly upfront since we have managed a wide variety of various business legal concerns.
- We help reduce risks, identify opportunities and build resilience. We know what the most frequent business lawsuit triggers are, how to spot them earlier on, and how to minimize the risks. Our company has extensive expertise in resolving high-stakes commercial disputes.
- Our solutions can save you from stress and create a healthy business. We can offer practical suggestions based on our vast understanding of companies’ best practices sand corporation law to assist you in preventing future legal issues.
How does it work?
1. Questionnaire completion
First and foremost, the company’s employees must complete a questionnaire that contains basic information. As a result, auditors will adapt the audit process to meet their needs, saving time and money.
2. Papers collection
Second, the business must gather any necessary papers that the auditors will need as part of the legal audit process. Documents are categorized into five groups. These categories may be subdivided further depending on the needs and nature of the company.
3. Management team meeting
The third stage is convening a meeting of the company’s management and other essential employees to review the company’s operations and note any problems it may have.
4. Information and documentation review
The information/documents obtained in step 1 are thoroughly reviewed in the fourth phase. The concerned officials will verify that the information given is consistent with the company’s procedures, local laws, and regulations, as well as meeting the company’s needs. Any difference that arises should be reported and corrected.
5. Report preparation
The fifth stage of a legal audit is writing comprehensive reports on the audit’s findings, including identifying any errors (if any), payment problems, or other anomalies.
6. Conversation with a management team
The last stage is a conversation with management about the issues that arose during the audit. Finally, the administration must state if they were aware of the mistakes before their implementation and whether they support them.