Legal Compliance Audit & Vendor Audit

                                    Legal Compliance Audit

Introduction

LegAccord has a strong database with detailed checklist of all the Indian laws categorized under various categories such central, state, municipal, business specific with an eye on regular updates under these laws. The lawyers at LegAccord conduct periodic audits for its clients by visiting the factories/plants and critical business locations. The onsite audit involves checking all the compliance documentation and risk emanating from the non compliance points. The observations captured during the audit is scientifically produced into the Audit report highlighting the legal consequences of Non compliances and the business risk, if any. We further help our clients in the regularization and closure of the audit points and providing recommendation so as to improve the compliance level throughout the organization and limiting risk.

 Methodology

ü  Extensive preparation by studying client business

ü  Understanding activity/operation / process after meeting with concerned people and key management personnel to finalise applicable laws and compliances

ü  Submission of list of documents for review

ü  Examination and review of all statutory records maintained by Company

ü  Preparation & submission of Audit Report

ü  Discussion of findings

ü  Recommendations

  Categories of Law

·       Corporate Laws

·       Environment, Health and Safety Laws

·       Industry Specific Law

·       Labour Laws

·       Taxation Laws

·       Commercial Laws

·       IT Laws

·       Local Laws

                                           Vendor Audit

   Introduction

·   A vendor audit is a vehicle used by companies to inspect and evaluate a vendor’s quality management system, as well as its practices, products, and documentation.

·   We at LegAccord uses effective process and technology to audit and review the compliance status of the vendors and highlights the gaps and risk by way of audit reports.

·   We also helps our clients in closing all compliance gaps within due time and thereby eliminating the risk of noncompliance.

    Coverage of activities

·         Review of vendor performance

·         Compliance program review w.r.t. coverage, applicability and correctness

·         GAP Reporting of missing compliances

·         Verification of documents uploaded in the tool

·         Periodic monitoring and reporting of compliance status of vendors across location

   What is Evaluated by Legaccord ?

·        Vendor viability

·        Data integrity.

·        Management responsibility

·        System accuracy

  Benefits of Vendor Audit

·        Adopt Organizational Quality Standards

·        Improve Customer Satisfaction

·        Ensure compliance with policies and regulations.

·        Identify Areas of Potential Risk

·        Process improvement

  METHODOLOGY

·        The communication to management

·        Identifying the system’s risk assessment

·        Investigation into the likelihood and amount of vendor overcharges

  Why it is important to outsource your vendor audit services ?

·        No standard and consistent mechanism to audit and measure vendors maturity

·        Lack of bandwidth to conduct audits to find issues upfront.

·        Limited skilled personnel.

·        Processes are manual with a high cycle time

·        No or very limited automation to continuously monitor vendor compliance issues.

·        Lack of benchmarking and lack of tracking improvements over time.