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Regulatory Compliance Audit Management Solution

Lawrbit Lextech India Private Limited
Lawrbit Lextech India Private Limited

Lawrbit Compliance Audit Management Solution brings regulatory intelligence and technology bundled into a single framework to help audit and consulting firms to ensure auditors are aware of all provisions of various laws applicable on clients and also automate the regulatory audit processes. Integrating technology solutions in compliance audit process enables auditors to reap maximum benefits by adopting best practices, reduces errors, costs, improves efficiencies and ROI. The auditor can manage wide range of audit-related activities, data and processes through a single, comprehensive framework.

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In recent times, responsibilities on Corporate Board to ensure compliance with applicable legislations has increased multifold globally. Due to lack of in depth knowledge within the organisation, businesses are increasingly seeking endorsement of external legal experts on their compliance adherence. Effectively, it leads to more audits for the audit and consulting partners whether as part of statutory audits or independently. During same time, International Federation of Accountants (IFAC) has increased responsibilities of Professional Accountants and Auditors globally to abide by theCode of Ethics for Professional Accountants issued by Accounting Professional & Ethical Standards Board (APESB) and included Responding to Non- Compliance with Laws & Regulations framework, also known as NOCLAR. This effectively includes compliance audit as part of statutory audits. In both above scenarios, it becomes imperative for Audit, Accounting and Consulting professionals to become fully aware of all applicable laws on their client business and create robust internal processes for compliance audits. REGULATORY INTELLIGENCE Compliance Checklists Documents Legal Advisory Key Definitions AUDIT WORKFLOWS Select Auditor Create Workflows Define Audit Scope STRATEGIC INSIGHTS Risk identification Risk assessment WORKPAPER MANAGEMENT Document Management Collaboration ANALYTICS & REPORTING Executive Dashboards Audit Report COMMON CHALLENGES DURING COMPLIANCE AUDITS REGULATORY COMPLIANCE AUDIT MANAGEMENT SOLUTION KNOWLEDGE MANAGEMENT Multiple laws applicable on clients basis geographies, jurisdictions, regulators, locations, industry, nature of business, etc COSTS OVERRUNS Due to non availability of right skill set, delay in clients responses, report preparation and legal research. LEGAL RESEARCH Is often client specific and that too in non standardised formats which is either partial or of no use in future. CO-ORDINATION Amongst audit team when multiple auditors work on a client and with auditee while collecting data, sharing observations. NON STANDARDISATION Of audit process, report templates across firm often leads to cost overruns, delays and quality issues DATA CONFIDENTIALITY Ensuring confidentiality of clients data while collection, transfer during audit or retention, shredding post audits 息 Lawrbit. All Rights Reserved X
WHY YOU NEED LAWRBIT FOR YOUR FIRM? Lawrbit allow auditors to create an audit program with a defined objective and scope tied into the compliance and risk management processes. Audits can then be organised in a logical structure and hierarchy with detailed checklists, evaluations, pass/fail criteria, and tasks to develop a systematic and risk-based audit plan. Standardised checklists for regulatory audits across all clients. Eliminate research cost while identifying compliance applicable on client before audit. Enables systematic and workflow driven audit processes across all clients Standardised data collection through secured access and eliminate audit errors and inconsistencies. Complete visibility into audit processes and matrices ensures quality controls, timely delivery and risk management. Standardise audit report creation; use pre approved templated across firm, create new templates. Strengthens efficiency of the audit staff, enabling them to be focused on value-oriented functions such as analyzing and recognizing trends in the audit data Streamline the audit lifecycle, right from audit planning and scheduling, to resource management, field data collection, and reporting SOLUTION OVERVIEW Lawrbit Compliance Audit Management Solution brings regulatory intelligence and technology bundled into a single framework to help audit and consulting firms to ensure auditors are aware of all provisions of various laws applicable on clients and also automate the regulatory audit processes. Integrating technology solutions in compliance audit process enables auditors to reap maximum benefits by adopting best practices, reduces errors, costs, improves efficiencies and ROI. The auditor can manage wide range of audit-related activities, data and processes through a single, comprehensive framework. TECHNOLOGY FEATURES 犢 System work flows aligned to organisation structure of a consulting firm. 犢 Create multiple client audits and collaborate basis functional expertise and auditors location. 犢 Define audit scope, period, select 犢 Audit trails of all conversations and action between Auditor, Audit Manager & clients. 犢 Access to compliance checklists, documents, key definitions, regulatory updates & notifications 犢 Secured and scalable application, hosted on AWS cloud. 犢 Store clients compliance data and reports to save time in future audits. 犢 Secured, role based access with multi factored authentication 息 Lawrbit Lextech India Private Limited Call: +91-9560-83-4141 | Email: info@lawrbit.com | Website: www.lawrbit.com Also Explore: Compliance Service Management Solution Enterprise Compliance Management Solution 息 Copyright 2019 Lawrbit. All Rights Reserved 100+ Law Firm Partners 80+ Countries Covered 3,500+ Laws & Regulations mapped 1,000+ Regulatory Bodies GLOBAL REGULATORY INTELLIGENCE SALIENT FEATURES Comprehensive coverage of laws across federal, state, local & industry specific laws Simplified language for easy understanding Categorisation of compliance basis its nature and actions required Event Based advisory helps identify compliance requirements across laws Risk categorisation of compliance basis penal provisions defined in laws Continuous legal research and auto updation of compliance obligations with impact assessment Lawrbit Global Regulatory Intelligence is created and continuously updated with regulatory changes through collaborative input of 1000s of legal experts from 100+ Law firm across 80+ countries. Lawrbit provides a centralized repository of Regulatory Compliance Obligations, Legal Documents, Key Legal Terminologies, Updates that can be commonly accessed by Operation teams of Consulting Firms, Clients, etc. To know more, refer our White paper Lawrbit Regulatory Intelligence

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Regulatory Compliance Audit Management Solution

  • 1. In recent times, responsibilities on Corporate Board to ensure compliance with applicable legislations has increased multifold globally. Due to lack of in depth knowledge within the organisation, businesses are increasingly seeking endorsement of external legal experts on their compliance adherence. Effectively, it leads to more audits for the audit and consulting partners whether as part of statutory audits or independently. During same time, International Federation of Accountants (IFAC) has increased responsibilities of Professional Accountants and Auditors globally to abide by theCode of Ethics for Professional Accountants issued by Accounting Professional & Ethical Standards Board (APESB) and included Responding to Non- Compliance with Laws & Regulations framework, also known as NOCLAR. This effectively includes compliance audit as part of statutory audits. In both above scenarios, it becomes imperative for Audit, Accounting and Consulting professionals to become fully aware of all applicable laws on their client business and create robust internal processes for compliance audits. REGULATORY INTELLIGENCE Compliance Checklists Documents Legal Advisory Key Definitions AUDIT WORKFLOWS Select Auditor Create Workflows Define Audit Scope STRATEGIC INSIGHTS Risk identification Risk assessment WORKPAPER MANAGEMENT Document Management Collaboration ANALYTICS & REPORTING Executive Dashboards Audit Report COMMON CHALLENGES DURING COMPLIANCE AUDITS REGULATORY COMPLIANCE AUDIT MANAGEMENT SOLUTION KNOWLEDGE MANAGEMENT Multiple laws applicable on clients basis geographies, jurisdictions, regulators, locations, industry, nature of business, etc COSTS OVERRUNS Due to non availability of right skill set, delay in clients responses, report preparation and legal research. LEGAL RESEARCH Is often client specific and that too in non standardised formats which is either partial or of no use in future. CO-ORDINATION Amongst audit team when multiple auditors work on a client and with auditee while collecting data, sharing observations. NON STANDARDISATION Of audit process, report templates across firm often leads to cost overruns, delays and quality issues DATA CONFIDENTIALITY Ensuring confidentiality of clients data while collection, transfer during audit or retention, shredding post audits 息 Lawrbit. All Rights Reserved X
  • 2. WHY YOU NEED LAWRBIT FOR YOUR FIRM? Lawrbit allow auditors to create an audit program with a defined objective and scope tied into the compliance and risk management processes. Audits can then be organised in a logical structure and hierarchy with detailed checklists, evaluations, pass/fail criteria, and tasks to develop a systematic and risk-based audit plan. Standardised checklists for regulatory audits across all clients. Eliminate research cost while identifying compliance applicable on client before audit. Enables systematic and workflow driven audit processes across all clients Standardised data collection through secured access and eliminate audit errors and inconsistencies. Complete visibility into audit processes and matrices ensures quality controls, timely delivery and risk management. Standardise audit report creation; use pre approved templated across firm, create new templates. Strengthens efficiency of the audit staff, enabling them to be focused on value-oriented functions such as analyzing and recognizing trends in the audit data Streamline the audit lifecycle, right from audit planning and scheduling, to resource management, field data collection, and reporting SOLUTION OVERVIEW Lawrbit Compliance Audit Management Solution brings regulatory intelligence and technology bundled into a single framework to help audit and consulting firms to ensure auditors are aware of all provisions of various laws applicable on clients and also automate the regulatory audit processes. Integrating technology solutions in compliance audit process enables auditors to reap maximum benefits by adopting best practices, reduces errors, costs, improves efficiencies and ROI. The auditor can manage wide range of audit-related activities, data and processes through a single, comprehensive framework. TECHNOLOGY FEATURES 犢 System work flows aligned to organisation structure of a consulting firm. 犢 Create multiple client audits and collaborate basis functional expertise and auditors location. 犢 Define audit scope, period, select 犢 Audit trails of all conversations and action between Auditor, Audit Manager & clients. 犢 Access to compliance checklists, documents, key definitions, regulatory updates & notifications 犢 Secured and scalable application, hosted on AWS cloud. 犢 Store clients compliance data and reports to save time in future audits. 犢 Secured, role based access with multi factored authentication 息 Lawrbit Lextech India Private Limited Call: +91-9560-83-4141 | Email: info@lawrbit.com | Website: www.lawrbit.com Also Explore: Compliance Service Management Solution Enterprise Compliance Management Solution 息 Copyright 2019 Lawrbit. All Rights Reserved 100+ Law Firm Partners 80+ Countries Covered 3,500+ Laws & Regulations mapped 1,000+ Regulatory Bodies GLOBAL REGULATORY INTELLIGENCE SALIENT FEATURES Comprehensive coverage of laws across federal, state, local & industry specific laws Simplified language for easy understanding Categorisation of compliance basis its nature and actions required Event Based advisory helps identify compliance requirements across laws Risk categorisation of compliance basis penal provisions defined in laws Continuous legal research and auto updation of compliance obligations with impact assessment Lawrbit Global Regulatory Intelligence is created and continuously updated with regulatory changes through collaborative input of 1000s of legal experts from 100+ Law firm across 80+ countries. Lawrbit provides a centralized repository of Regulatory Compliance Obligations, Legal Documents, Key Legal Terminologies, Updates that can be commonly accessed by Operation teams of Consulting Firms, Clients, etc. To know more, refer our White paper Lawrbit Regulatory Intelligence