Merton Solicitors

What is a business legal audit ?

A business audit is carried out to give an organisation a better idea of its legal and commercial position in order to detect areas which need to be improved or changed to ensure legal compliance and reduce commercial risks.

How will a business legal audit benefit my business ?

Legal compliance and reduced commercial risk represents financial and time savings.  Legal battles and fines can be expensive and damaging to an organisation’s representation.  A audit will also help you identify areas for cutting costs.

How is a legal audit carried out ?

Due diligence will be carried out by your solicitor to ascertain the organisation’s legal and financial position.  Your solicitors will look at the day-to-day running of the business.  You should also consult your employees to find out what role they play.

How often should legal audits be carried out ?

The answer is not set in stone, but as regularly as possible with reference to the potential benefits of carrying out an audit.  In our experience, organisations find it to be a useful exercise that helps them make significant savings and avoid legal headaches in the long-run.

What are audits ?

Audits are carried out by directors and managers in order to show whether employees are complying with the rules and certain guidelines and show to investors and shareholders that financial misdemeanour’s are not being committed.

What other things can be analysed by a legal audit ?

Legal audits can be used to look at the operational and financial sides of a business. Operational audits can be used to discover whether those involved with the business have conflicts of interest and are not engaged in unlawful activities.  Financial audits look at accounting reports and cash flows.

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