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Lawgical Talk #19: Global Capability Centres in India : Managing Regulatory Expectations with Internal Limitations on November 28, 2024 @ 4:00 PM | REGISTER NOW!
Compliance Audit Management Software Solution

Regulatory
Intelligence

Customised Audit
Workflows

Strategic
Insights

Plan & Execute
Audits

Gap Analysis
& Remediation

COMPLIANCE AUDIT MANAGEMENT

Report Creation
& Submission

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The most innovative Audit Management Software launched post introduction of NOCLAR. It enables auditor manage entire audit cycle with inbuilt Regulatory Intelligence detailing Compliance Obligations; thus increasing their efficiency and effectiveness while reducing overall cost of audits.

COMPLIANCE AUDIT MANAGEMENT SYSTEM

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.

CHALLENGES DURING REGULATORY 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

KNOWLEDGE MANAGEMENT
Multiple laws applicability on client basis nature of business, jurisdictions, locations, industry, etc

COSTS OVERRUNS
Due to non availability of required skills, delay in client’s responses, reporting & legal research

LEGAL RESEARCH
Is often client specific, that too in non standardised formats which is of partial or no use in future

CO-ORDINATION
Amongst audit teams during sampling, field visits, reporting, when multiple auditors work on a client

NON STANDARDISATION
Of audit process, report templates across firm often leads to delays and quality issues

DATA CONFIDENTIALITY
Maintaining confidentiality of client’s data at each level; collection, transfer, retention or shredding

LAWRBIT VALUE PROPOSITION

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.

Lawrbit Global Regulatory Intelligence is created and continuously updated with regulatory changes through collaborative efforts of legal experts globally. Lawrbit provides a centralized repository of Regulatory Obligations, Legal Documents, Key Legal Terminologies, Regulatory Changes that can be commonly accessed by everyone across the firm including partners, managers, auditors, etc.

70+
Countries Covered

1,000+
Regulatory Bodies

5,000+
Laws & Rules mapped

1,00,000+
Obligations Mapped

SALIENT FEATURES

  • Single repository of applicable laws and regulations for businesses across globe
  • Mapping of compliance to risks matrix basis penal provision & internal guidelines
  • Modular approach buckets compliance basis nature - One Time, Recurring, Ongoing & Event Based
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Our innovative engagement model to partner with Legal and Accounting firms gives us scale and agility to faster engage & deliver even in jurisdictions where we currently don't have any presence; effectively allowing us to serve clients anywhere in the globe.

The network brings strong domain expertise and noteworthy commitment that lends highest credibility to the Regulatory Intelligence inbuilt in our solutions. While working with global clients to provide single point solution for compliance requirements, availability of credible partner channel help us improve client’s confidence, reduce delivery timelines and costs.

100+
Legal & Accounting Partners

500+
Lawyers & Accountants

AUDITORS CAN LEVERAGE LEGAL PARTNER NETWORK

  • Engage Local Partner through Lawrbit for executing Global Compliance Audit Mandates
  • Local representation for your client’s Global locations; win client’s trust and save costs
  • Brings agility and speed to your client pitch, increase penetration in global accounts
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CLIENT WISE AUDIT WORKFLOWS

  • Create audits for each client location
  • Assign auditors basis expertise & location
  • Bifurcate audit into following steps
    • Audit Planning & Research
    • Field Investigations
    • Gap Report Creation & Presentation
    • Remedy Planning & Execution
    • Audit Closure Report Creation
  • Assign each step to different team members

AUDIT PLANNING

  • Define audit framework for agreed period and SOW
  • Researchers get only relevant central and state laws in defined audit categories to choose applicability from
  • Choose applicable obligations (all or sample) within laws from pre defined checklists categorised by compliance criticality, risks, etc
  • Save audit templates for future use

AUDIT EXECUTION

  • Standardize workflow for efficient execution
  • Event Based intelligence helps auditor know obligations basis corporate events
  • Plan execution basis function, compliance category, risk.
  • Report audit findings, remarks & evidence directly on application or through off-line functionality through controlled excel
  • Collaborate with Client during investigation
    • Auto generated custom mail with detail of audit, auditor to process owner & manager
    • Request evidences, calculations, remarks within defined timeline
    • Client’s process owner can respond via secured gateway, without being system user; login application through unique secured link with OTP
    • Have multiple to & fro with clients on each observations till auditor is satisfied
    • E-Mail notifications & reminders to process

PLAN & EXECUTE REMEDIATION

  • Combine Gap reports for various locations, assign for remediation
  • Access to audit findings, trail and documents
  • Plan execution basis function, compliance category, risk.
  • Suggest remedy on all or selective gaps basis compliance type, risk, etc; allocate remedial action to self, colleagues, client
  • Regulatory Intelligence & changes enable remedy suggestions
  • Remedy owner can seek clarifications, share action report with documentary evidence on each remedial action
  • Cross verify, iterate, close remedial action; submit for approval

GAP & REMEDIAL REPORTS

  • Create standard audit report formats
  • Audit report can be auto create, downloaded in pre defined formats
  • Combine multiple audits into single report
  • Auto creation of audit reports; iterate within team & present

AUDITORS DASHBOARD & REPORTS

  • Personalize dashboard; select from variety of chart widgets
  • Partners & audit manager to manage auditor via team reports & dashboards with drill down
  • Matrix Report for auditors - Create & save multiple report template; download in excel, CSV, PDF, etc
  • Trail for iterations between Auditor, Audit Manager & Client

OTHER KEY FUNCTIONALITIES

  • Create Recurring audits - Store client’s data; save time & avoid duplicity in future audits
  • Define target dates and approval matrix for each audit step
  • Email-based notifications and alerts
  • Access of audit dashboard with drill down reports & more to client
  • Reassign client audit data to new auditor
  • Freeze audit to avoid any kind of changes
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