East London Solicitors

What is a Business Legal Audit ?

A business legal audit gives you a written snapshot of the legal and commercial position of your company. This means that you will more easily be able to detect which areas of your business need adjusting or improving to reflect the legal and commercial risks it faces.

How will a legal audit benefit my business ?

The aim of a legal audit is to enable long-term financial savings. This could be by avoiding penalties by ensuring your business is compliant with continuously changing laws or by making cost-cuts after analysing your financial and accounting information.

What is the general process of a legal audit ?

First your solicitors will conduct a due diligence survey to round up relevant information on your business’ financial and legal situation.  This will involve analysing your company in terms of its day-to-day running. This will mean inviting employees for an assessment to see what role they play.

This information is used to identify opportunities and highlight risks which your business can avoid or exploit.

How often should I conduct a legal audit ?

Many companies who have appreciated the benefits of legal audits realise how useful they are and treat them as regular company health-checks.

What are audits and how can they benefit my company ?

Business directors, owners and managers can use audits to assess whether employees are following certain guidelines or that the company is complying with legislation or to provide potential or actual investors with assurance that no financial misdemeanours are taking place within the company.

What is a legal audit ?

A legal audit compliance audit can be used by law firms to ensure their billing process and other accounting procedures are compliant with national standards. Equally independent associations and businesses can use legal audits to ensure they are complaint with all laws that affect them.

What other areas of my business can legal audits analyse ?

Law firms and other more general businesses can use a legal audit to analyse their operational and financial activities. Operational audits consider every person that is associated with the business to see that they are free from conflicts of interest and are not engaged in unlawful trading or suspicious activities. The types of finances considered include cash flow and accounting reports.

Return to business audits page or perhaps the main business law services page ?