The word ‘Legal Audit’ comprises two significant words, i.e. LEGAL + AUDIT. Therefore, our Team believes that both these bifurcated words of Legal Audit have necessarily to be defined separately for the sake of convenience and awareness of the Corporates, Individuals, Private Sectors and to all those who have to know the importance, intent and significance of the words ‘Legal Audit’ for their welfare and well being, to minimize the present and future litigations.
We do believe that the Legal Field is just similar to the applied Science, like the Science the words Legal Audit covers under its definition, consisting of Concepts and things of facts and on the basis of their implementation is produced a new product / new concept. In the same manner, Legal Audit consists of Legal Field – i.e. laws related to each and every Act prevailing in our country and abroad + the Audit Field related to audit, accounting and commercial nature of transactions in the industrial and other commercial areas.
Now, the Legal Audit deserves an innovative research and is of paramount necessity for the overall growth and success of the economy, because the quality of the economic structure depends upon the Foundation and grass roots level, besides other correlated aspects directly related to the economy, irrespective whether it is public or private sector.