Legal Services should form a fully integrated part of the business assurance function in delivering assurance across the business with a commitment to developing a common purpose.
What is a legal audit?
A legal audit is a review of the internal legal and administrative structure of your business, how this operates and inter-connects with the external environment surrounding the company or firm.
A review of the business as a whole will assess any potential risk base and highlight and evaluate areas requiring attention to ensure compliance and minimise risk.
After its incorporation, there are a wide variety of obligations that a company must observe as it carries out its day-to-day business, not least towards its stakeholders, employees and creditors, etc. Some of these obligations are triggered as a result of change, such as, the appointment or retirement of Directors, transfers and issues of shares, changes to the company’s constitution. Rather than being triggered by a change of some sort, other obligations are on-going and relate to transparency and legal and professional compliance. Such obligations include, for example, the requirements for companies to make trading disclosures about itself and its business and to keep registers of information.
In order to maintain good management efficiencies, minimise risk and retain consistency of approach there should be regular reviews and updating of ‘the business essentials’ whether in relation to policies, procedures and general governance or otherwise, for instance we can review with you:
In assisting you we would ask you to tell us all about your business. We would wish to understand your business and your commercial vision. In understanding your commercial strategy, we would be able to assist you in the associated legal strategy, whether maintaining the status quo or building and expanding. We may ask you to complete a checklist as part of the review.
We might ask you questions such as: