legal audit

Legal audit is basically an audit to ensure legal compliances involved in various activities of an entity and includes corporate laws, civil laws, criminal laws, property laws, taxation laws, FEMA, and a variety of other laws.

Any of the professional, that is, Company Secretary(CS), Chartererd Accountant(CA) or a Lawyer can condct such an audit.

In a legal audit, the company's management team meets with corporate counsel in order to discuss strategic plans and objectives, review key documents and records, and analyze and identify current and projected legal needs of the company. The legal audit also lays the groundwork for the establishment of an ongoing legal compliance and prevention program in order to ensure that the company's goals, structure and ongoing operations are consistent with the latest developments in business and corporate law. Finally, the legal audit helps managers identify the legal issues triggered by changes in strategies, goals or objectives and allows planning for the legal tasks that must be accomplished as a result of the issues identified.