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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!
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.
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.
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.
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.
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.
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.
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.