Legal News
 

Rajasthan:Public Service Guarantee Act implemented

With an aim to provide public services in a time-bound manner,the Rajasthan government on Monday implemented the Public Service Guarantee Act in the state.

                                more.....
  Our Services
 
 
 
 
  user name :

  password  :
 
     Forgot Password
 
 
 
    
                        Select Your Language :
Legal Audit
 Legal Audit Process

A Legal Audit is comprised of 6 steps:

1.

The first step of a Legal Audit calls for a company-delegated representative to answer a questionnaire that provides general information allowing the auditors to customize the audit to the specific needs of the company saving time and energy. Hence, the audit needs of a construction company being different from those of a software consultant, the audit will not be carried out in the same manner.

2.

The second step of a Legal Audit involves collecting all the necessary documents and materials for the conduct of the Legal Audit. The required documents can generally be broken down into 5 categories but more are possible depending on the field of business and the complexity of the corporate structure:

 

(I)

Corporate issues: (comprising examinations of company charters, by-laws, registries for administrators and stockholders, stocks and bonds, minutes and regulatory body obligations like business registrations, permits and licenses)

(II)

Contractual issues: (comprising examinations of all Distributor, Employment, Partnership, Facility and Equipment Leasing, Purchasing, Licensing, Warranty and Sales and Order agreements)

(III)

Labor issues: (comprising examinations of all documents relating to employment offers, applications, agreements, training, terminations, disciplinary measures)

(IV)

Tax issues: (comprising all documents relating to loan and debt, asset structures)

(V)

Governance issues: (comprising all internal manuals and procedures that dictate the functioning of the company on a day-to-day basis)

(VI)

Publicity issues: (comprising all marketing, sales aids, press releases, product literature, promotions and promotional activities, web site content, copyrights, trademarks)

3.

The third step of a Legal Audit involves meeting select members of management and employees to understand the actual functioning of the company and note concerns each may like to draw attention to. This will be useful in the fifth step.

4.

The fourth step of a Legal Audit involves reviewing all the documents and materials enumerated in the first step, making sure they are in conformity with local laws, regulations, practices and that they adequately serve the needs of the company whilst protecting it. In this step, any anomalies are highlighted and suggestions to correct them or irregularities (so as not to say illegalities) are noted.

5.

The fifth step of a Legal Audit involves submitting a report that highlights the findings of the Legal Audit. This report might propose solutions to cure certain deficiencies; it might also issue warnings if deficiencies pose legal threats. The report will also take into account variations between what is done on paper and what is the common practice in the business. It will also assess the legal risks posed by discrepancies raised and propose solutions or strategies based on the analysis of the risks assessed.

6.

The sixth step of a Legal Audit, should a company decide to follow through, involves implementing the proposed solutions to ensure the companys structure, functioning, marketing, agreements and promotional programs comply with the laws of its industry and ensure a well-protected business.

 
 

Site Visit so Far :
Free Hit Counter
    All rights reserved @Rajeev Surana & Associates                                                                         Disclaimer    |   Terms & Conditions    |   Privacy Policy