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 period, International Federation of Accountants (IFAC) has increased responsibilities of Professional Accountants and Auditors globally to abide by the Code 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 audit assignments could possibly be the most engaging and long term activities for the audit professionals as audit teams involved invests equal time with business users and compliance owners understanding business and compliance obligations linked to various activities. But often, professionals shy away from picking up such assignments due of one of many challenges faced
Multiple laws applicability on client basis nature of business, jurisdictions, locations, industry, etc
Due to non availability of required skills, delay in client’s responses, reporting & legal research
Is often client specific, that too in non standardised formats which is of partial or no use in future
Amongst audit teams during sampling, field visits, reporting, when multiple auditors work on a client
Of audit process, report templates across firm often leads to delays and quality issues
Maintaining confidentiality of client’s data at each level; collection, transfer, retention or shredding
Lawrbit Compliance Audit Management Software 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.
Lawrbit offerings for Professionals delivering Global Compliance Audit mandates stands on following pillars.