Institutional and legal reforms have been the foundational cliché that has morphoned the day-to-day operations of organizations, businesses, companies, and various state agencies. The progressive nature of legal frameworks has temporary or permanent effects on these entities. Thus, they must adopt strategies that ensure they conform to new legislations. This can be achieved through Legal Auditing and Compliance.
Legal Auditing and Compliance looks into different developed legal framework that have effects on an organization’s business and its operation. The overall objective of auditing is to ensure that there is facilitation of the full implementation of the laws that are responsive to the organization’s best interest. Compliance looks into ensuring that an organization appreciates and implements the legal framework.
Institutional and normative framework for governance of an organization ensures that there is preservation of continuity of the best interest of an organization though reviewing, rationalization, harmonization and interpretation of adaptable necessary legal framework thus preventing risks.
What is a Legal Audit and Compliance?
A Legal Audit and Compliance is a due diligent and objective examination of an organization’s internal and external structures that focuses on its legal practices, policies, procedures and compliance with legal and regulatory framework.
It aims at identifying compliance structures and potential legal risks and gaps and appreciation of all opportunities for improvement. Legal Audit circumvents around various branches of an organization’s day to day operations and the statutes that ensure that an organization does not risk while carrying out its business.
Guiding Principles and Standards
Subject to the Constitution and the underlying written statutes, the application of international standards, principles and practices in Legal Auditing and Compliance are paramount in ensuring that an organization conforms to maximum application of the laws that governs them internally and externally.
Legal Training
In conducting Legal Audit & Compliance, there is a firm focus that is placed upon the code of conduct and the internal policies of an organization. This entails offering training to the employees so as to ensure that they comply with the ethics that govern the organization both internally and externally.
Further, training allows the organization to ensure that its employees are hawk-eyed in ensuring that laws and regulations that help to detect and prevent legal uncertainties and anomalies are adhered to the later. This helps to minimize organization’s exposure to risks associated with non-compliance as a result of ignorance.
The Goal of Legal Audit & Compliance
Legal Compliance Audit provides an overhaul avenue of business to establish and elevate its level of compliance with institutional and regulatory framework, including its internal and external service oriented mechanism.
The overarching and monumental benefit of Legal Audit & Compliance is to offer transformational management and operational sanctity of an organization culture. This is appreciated through effective legal risk management strategies that ensures solid adherence to the tenets of Constitution, statutory, regulatory, policy and administrative requirements of an organization.