Legal legal audit of the company

Legal audit is the study of the financial activities of an enterprise for compliance with the requirements of current legislation. The results of the audit will reveal shortcomings in the accounting and legal support of the organization.

When conducting a legal audit of a business, VALEN lawyers check the following things:

  • Statutory documents of the company.
  • Licenses, certificates, permits of a self-regulatory organization (SRO).
  • Contracts, acts and invoices for possible risks. This applies to agreements that have already been signed and are being developed.
  • Documents on the employment of employees.
  • Audit of the company’s accounts receivable.
  • Analysis of the company’s court cases and the statements of claim submitted to the organization.
  • Examination of standard and other internal documents.
  • Analysis of the company’s website for compliance with the law.
  • Analysis of the activities of the company’s counterparties.

Objectives of the legal audit

The global goal of conducting a legal analysis of a business is to reduce the risks of claims from both counterparties and the company itself.

In general, the audit allows you to identify a number of the following risks:

  • Imposing fines or going to court for non-fulfillment of contractual obligations.
  • Refusal to fulfill the terms of the contract on the part of counterparties.
  • Signing agreements with unscrupulous partners and suppliers of goods and services.
  • Filing claims by public authorities – the Federal Tax Service, the Federal Antimonopoly Service – and, as a result, reducing the risks of sanctions against the company’s governing bodies.
  • Making claims on the part of the company’s employees.

VALEN’s lawyers offer comprehensive audit services with verification of all necessary documents to minimize several possible risks. We also practice an individual approach involving the audit of individual business sectors, for example, personnel documentation or concluded contracts.

The audit services of a legal entity include

  • Compliance of the company’s activities with the legislation.
  • Verification of the degree of risk and possible sanctions by government agencies.
  • Identification of potential losses and elimination of circumstances for their occurrence.
  • Resolution of problematic issues related to the claim of counterparties, claims of tax authorities, courts or the FSSP.
  • Audit of accounting and tax reporting.
  • Analysis and evaluation of the company’s investment projects.

Legal audit services: when are they required?

Often, a legal audit becomes relevant on the eve of the purchase of a business for the purpose of checking the existing risks of incurring larger and hidden costs than the amount indicated by the contract and the investment plan. The experience of VALEN’s specialists shows that a legal audit is always required before buying an organization or company already operating on the market. The lawyer must check the profitability and commercial condition of the enterprise, as well as the legal risks associated with lawsuits, disputes with employees and the existence of requirements from the tax authorities.

The current business requires close attention. The fact is that in the course of activity, the former director or accountant could have committed violations, for which the new head will be responsible. Their list is quite wide: from fire safety requirements to compliance with tax legislation.

A legal audit of the activities of a legal entity is often also ordered to assess potential risks before being checked by government agencies.

Stages of legal assessment

Stage 1. Preparation of an audit plan.

At this stage, experienced lawyers conduct active oral and written consultations with the client in order to draw up an action plan and outline the main tasks of the upcoming audit.

Stage 2. Study of the necessary documents.

At this stage, the goal of lawyers is to monitor all the processes taking place in the company, their correctness and compliance with the law. The documents can be provided to the specialist in electronic form or on paper. A lawyer can spend from several days to several weeks at this stage.

Stage 3. Summing up the audit results.

At the end, the specialist forms and provides a report with the results of the audit, which reflects the work carried out, violations identified and recommendations for correcting the situation.

The timing of the right audit

The law does not set deadlines for the implementation of a legal audit. However, in fact, this period is no more than 2-3 months. The need to request additional documents, including from another country, may contribute to an increase in the verification period.

Legal audit from VALEN company

The main direction of our work is legal consulting. Our lawyers and accountants often face a wide range of legal problems of clients. In order to minimize the risks of the occurrence or aggravation of disputes, we prefer to accompany clients’ business at the start of work: from the opening of a company to the support of large holding projects.

Why do customers choose us?

  • We work with the most complex legal issues: countering money laundering, examining contracts for the purchase of precious metals, drafting internal local acts.
  • Our staff employs experienced and qualified lawyers and accountants who are able to find a way out of the most difficult legal situations.
  • Favorable terms of cooperation. All monetary issues are discussed before starting work, all agreements reached are fixed in the contract.
  • Individual approach. We are ready to provide only the services necessary for the client related to the verification of individual documents within one area of work.
  • The ability to order turnkey services. At the same time, we support the business at all stages, providing audit services on a wide range of emerging issues.

We are not afraid of complex legal issues and are always ready to help businesses with legal audit.

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