{"id":10288,"date":"2019-04-03T12:00:13","date_gmt":"2019-04-03T17:00:13","guid":{"rendered":"https:\/\/quadranslawandfinance.com\/?p=10288"},"modified":"2019-04-01T18:11:02","modified_gmt":"2019-04-01T23:11:02","slug":"importance-of-a-legal-audit-for-firms","status":"publish","type":"post","link":"https:\/\/quadranslawandfinance.com\/en\/blog\/importance-of-a-legal-audit-for-firms\/","title":{"rendered":"Importance of a legal audit for firms"},"content":{"rendered":"<h1 style=\"text-align: center;\"><span style=\"color: #000000;\"><strong>Importance of a legal audit for firms<\/strong><\/span><\/h1>\n<p><span style=\"color: #000000;\">All firms require an audit to enhance their performance. However, the process may intimidate some firms, leading them to postpone its realization, potentially originating risks that could have been avoided if done otherwise.<\/span><\/p>\n<p><span style=\"color: #000000;\">The importance of carrying out \u200ba <em>legal audit <\/em>for firms lies on its purpose: to verify the legal compliance of diverse provisions, including clauses, regulations, contracts, and other obligations that must be fulfilled as a legal entity.\u00a0<\/span><\/p>\n<h2><span style=\"color: #000000;\"><strong>Benefits of carrying out a legal audit for firms<\/strong>:<\/span><\/h2>\n<p><span style=\"color: #000000;\">The foremost aim of an audit is to efficientize a firm\u2019s operations, and that its obligations are properly complied with. Some of the benefits that can be obtained are:\u00a0<\/span><\/p>\n<ul>\n<li><span style=\"color: #000000;\">A plan with both preventive and corrective measures.<\/span><\/li>\n<li><span style=\"color: #000000;\">Continuous improvements in diverse businesses processes.<\/span><\/li>\n<li><span style=\"color: #000000;\">The identification of business risks to avoid potential frauds or errors.<\/span><\/li>\n<li><span style=\"color: #000000;\">Enhanced internal communication.<\/span><\/li>\n<\/ul>\n<p><span style=\"color: #000000;\">A group of accountants are responsible for carrying out the legal audit. <\/span><span style=\"color: #000000;\">By using diverse tools they can identify issues within the firm that can be anticipatedly corrected to ensure a successful performance. The audit could be considered a critical and systematic exam aimed at identifying problems or areas of opportunity to be improved.\u00a0<\/span><\/p>\n<p><strong><span style=\"color: #000000;\">To carry out a legal audit, the following steps should be followed:\u00a0<\/span><\/strong><\/p>\n<ul>\n<li><span style=\"color: #000000;\">Identify the business profile and specific legal framework.<\/span><\/li>\n<li><span style=\"color: #000000;\">Learn about partners, shareholders, management schemes, and business control.<\/span><\/li>\n<li><span style=\"color: #000000;\">Revise \u2018\u2019security points\u2019\u2019 (financial and legal information).<\/span><\/li>\n<\/ul>\n<p><span style=\"color: #000000;\">After complying with the aforementioned steps, a final report must be elaborated in which audit findings, incidences, and measures to be implemented for the fulfillment of the obligations are mentioned. Detailed information about accounting is obtained as well.\u00a0<\/span><\/p>\n<p><span style=\"color: #000000;\">The audit must be carried out every six months or once a year. However, in case of having administrative problems, the advice of a specialist company can be solicited.<\/span><\/p>\n<p><span style=\"color: #000000;\">In \u200b<strong>QuAdrans Law and Finance<\/strong> we provide firms with counseling and corporate audits. We also offer other <u>\u200b<\/u><a style=\"color: #000000;\" href=\"https:\/\/quadranslawandfinance.com\/en\/corporate-services\/\">corporate services<\/a> you may require. Our law firm will provide you with an efficient follow-up of the audit process, in addition to plans aimed at improving your business\u2019 performance.\u00a0<\/span><\/p>\n<h5 style=\"text-align: center;\"><span style=\"color: #000000;\"><a style=\"color: #000000;\" href=\"https:\/\/quadranslawandfinance.com\/en\/contact\/\">Contact us<\/a>\u200b to receive the legal advice your business needs.<\/span><\/h5>\n<h4 style=\"text-align: center;\"><span style=\"color: #000000;\">Legal and Accounting Consulting in Playa del Carmen<\/span><\/h4>\n","protected":false},"excerpt":{"rendered":"<p>Importance of a legal audit for firms All firms require an audit to enhance their performance. However, the process may intimidate some firms, leading them to postpone its realization, potentially originating risks that could have been avoided if done otherwise. The importance of carrying out \u200ba legal audit for firms lies on its purpose: to [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":10286,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[51],"tags":[],"class_list":["post-10288","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-corporate"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.9 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Importance of a legal audit for firms - QuAdrans law and finance<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/quadranslawandfinance.com\/en\/blog\/importance-of-a-legal-audit-for-firms\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Importance of a legal audit for firms - QuAdrans law and finance\" \/>\n<meta name=\"twitter:description\" content=\"Importance of a legal audit for firms All firms require an audit to enhance their performance. However, the process may intimidate some firms, leading them to postpone its realization, potentially originating risks that could have been avoided if done otherwise. The importance of carrying out \u200ba legal audit for firms lies on its purpose: to [&hellip;]\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/quadranslawandfinance.com\/wp-content\/uploads\/2019\/04\/auditoria-legal.jpg\" \/>\n<meta name=\"twitter:creator\" content=\"@QuAdrans_\" \/>\n<meta name=\"twitter:site\" content=\"@QuAdrans_\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Redacci\u00f3n QuAdrans\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/quadranslawandfinance.com\/en\/blog\/importance-of-a-legal-audit-for-firms\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/quadranslawandfinance.com\/en\/blog\/importance-of-a-legal-audit-for-firms\/\"},\"author\":{\"name\":\"Redacci\u00f3n QuAdrans\",\"@id\":\"https:\/\/quadranslawandfinance.com\/#\/schema\/person\/1e795a3d0e6c3e3c5d0ba2f035562767\"},\"headline\":\"Importance of a legal audit for firms\",\"datePublished\":\"2019-04-03T17:00:13+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/quadranslawandfinance.com\/en\/blog\/importance-of-a-legal-audit-for-firms\/\"},\"wordCount\":372,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/quadranslawandfinance.com\/#organization\"},\"image\":{\"@id\":\"https:\/\/quadranslawandfinance.com\/en\/blog\/importance-of-a-legal-audit-for-firms\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/quadranslawandfinance.com\/wp-content\/uploads\/2019\/04\/auditoria-legal.jpg\",\"articleSection\":[\"Corporate\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/quadranslawandfinance.com\/en\/blog\/importance-of-a-legal-audit-for-firms\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/quadranslawandfinance.com\/en\/blog\/importance-of-a-legal-audit-for-firms\/\",\"url\":\"https:\/\/quadranslawandfinance.com\/en\/blog\/importance-of-a-legal-audit-for-firms\/\",\"name\":\"Importance of a legal audit for firms - 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