Legal Compliance Audit & Legal Advisory Services
Proper, flawless, and secure legal compliance audits, are the backbone of any efficiently and profitably smooth running business, in any field, or anywhere in the world. These are legal compliance audits which help the management of the business, in making the most productive, perfect, efficient, profitable, visionary, and truly impeccable arrangements, for optimal progress and growth of business and company, besides remaining bold, complacent, and safe, always.
Ever-growing competition in almost all fields of business, at regional, national, or international levels, further demands rigorous and punctual compliance to all regulatory and governing authorities, in order to do business freely and meticulously for overcoming and tackling such competition. Our clients of almost all sectors of commerce and economy, and most of the major and successful companies and corporations of the world, understand deeply and exclusively these vital and revolutionary facts, for peaceful, booming, and hugely lucrative business.
A legal audit may be performed on a periodic basis as part of an ongoing compliance program or may be performed in connection with a specific event, such as a financial audit, or in connection with a specific transaction, such as an acquisition or securities offering. There are also specialized legal audits in specific areas, such as tax; labor and employment; estate planning/asset protection; government contracts; franchising compliance; and environmental law. The mechanics of the legal audit and a sample questionnaire are listed below.
Mechanics of a legal audit
The Preliminary Questionnaire. The legal audit should begin with a comprehensive questionnaire for the company’s management team to review and address prior to the arrival of the team of attorneys who are to conduct the legal audit.
The Initial Conference. Once the documents and related materials requested in the questionnaire have been assembled and problem areas preliminarily identified, a meeting should be scheduled between audit counsel and the designated officers of the company who are well-versed in the various aspects of its operations. This initial series of conferences is an information-gathering exercise designed to familiarize the legal auditor with the most current information about all aspects of the company. In addition to these conferences with key personnel, the audit team should perform some on-site observations of the day-to-day operations of the company. The legal audit team should also review the current financial statements of the company and spend some time with the company’s accounting firm.
Implementation of the Post-Audit Recommendations. Once the legal audit team has issued its post-audit evaluation to the management team, the entrepreneur can implement the recommendations of the report. In addition, the company can establish a “tickler system” for periodic reporting and key dates/deadlines, as well as a time set for the next legal audit.
Risks of not complying
The failure to have an independent legal audit performed by qualified legal counsel can have a significant adverse impact on the company and its founders. The risks of non-compliance with these many laws and regulations include:
Failure to keep proper books and records or mixing personal assets with business assets could lead to the ability by third parties to “pierce the corporate veil,” thereby removing the limited liability protection of a corporation or LLC, or even to litigation among co-owners.
Failure to obtain all proper permits and licenses could lead to fines, penalties, and, in some cases, even closure of the business by governmental agencies.
Failure to comply with certain laws and regulations may lead to problems under federal law with agencies such as the IRS, the EEOC, the EPA, and even the SEC.
Failure to have employment applications, personnel handbooks and general employment policies reviewed periodically could give rise to governmental and civil liability.
Failure by the directors of the company to keep accurate records and minutes of its decision-making procedures, such as proving that directors are exercising informed judgment, could subject the company and its board to liability to its shareholders and investors.
Failure to monitor the company’s reporting requirements may put the company into default with lenders or investors.
The process of going through a legal audit isn’t easy, but the risks associated with avoiding the issue are too high for any company to bear. Doing so is not only necessary, but beneficial. It is the entrepreneurial company’s reality check.
Proper and timely compliance to all concerned rules & regulations, laws, and recommendations of governmental authorities at State, Federal, and International levels, these legal compliance audits greatly help in the assessment, regulation, and best possible management of all ongoing operations and activities, business plans and policies, short and long term goals, and strategies for desired progress and profits.
What VJM & Associates Offers
VJM & Associates Offers has been undertaking legal compliance Audit assignments across various industry sectors such. We have also been actively involved in legal compliance Audit. In which We Periodical Audit to verify, check and confirm compliance by corporate on statutory laws including bare acts, rules, guidelines, circulars, notifications and any amendments, if any,: The comprehensive coverage of legal compliance audits includes the following elements and works. However, the extent and complexity of these vary depending upon the type, size, stage, objectives, and preferences of the company or organization:
Fiscal Laws – Direct and Indirect Taxes
Information Technology Laws
We are also cover of compliance audit under mention invidual Act:
VJM & Associates, a prominent professional organization, commands commendable experience and expertise in performing immaculate legal compliance audits of all sorts, described below.
The Companies Act, 1956
The Competition Act, 2002
SEBI (Substantial Acquisition of Shares and Takeover) Regulations, 1997
Sick Industrial Companies (Special Provisions) Act, 1986
SEBI (ESOP) Guidelines, 1999
Securities Contact (Regulations) Act, 1956
Listing Agreement with Stock exchange/(s)
Indian Contract Act, 1872
Sale of Goods Act, 1930
Negotiable Instrument Act, 1881
Recoveries of Debts Due to Banks and Financial Institutions Act, 1993
Depositories Act 1996
Manufacturing and Other Companies (Auditors Rport) Order, 1988
Consumer Protection Act, 1986
Essential Commodities Act, 1955
Fatal Accidents Act, 1855
Environment Protection Act, 1986
Water (Prevention and Control of Pollution ) Act, 1974
Information Technology Act, 2000
Payment of Bonus Act, 1965
Minimum Wages Act, 1948
Workman’s Compensation Act, 1923
Employees Provident Fund and Miscellaneous Provisions Act, 1952
Employees State Insurance Act, 1948
Public Liability Insurance Act, 1991
Equal Remuneration Act, 1976
Payment Gratuity Act, 1972
Factories Act, 1948
Industrial (Development and Regulation) Act, 1951
Industrial Employment (Standing Order) Act, 1946
Industrial Disputes Act, 1947
Contract Labours (Regulation and Abolition) Act, 1970
Sales Promotion Employees (Conditions of Service) Rules, 1976
Trade Union Act, 1926
Arbitration and Conciliation Act, 1996
Specific Relief Act, 1963
Registration Act, 1908
Indian Stamp act, 1899
Double Taxation Avoidance Agreements with various contries
Income Tax, 1961
Wealth Tax Act, 1957
Central Excise Act, 1944
Service Tax, 1994
Central Sales Tax Act, 1956
Sales Tax Act of various States
Customs Act, 1962
Prevention of Food Adulteration Act, 1954
Import & Exports
Local Body – Municipality Laws
Standards of Weights & Measures Act, 1976
Marine Insurance Act, 1963
Trade Marks Act, 1999
Copyrights Act, 1957
Designs Act, 2000
Foreign Exchange Management Act, 1999
Foreign Contribution (Regulation Act), 1976
Transfer of Property Act, 1882
OTHER LEGAL ADVISORY
Rajput Consultancy Services Private Limited also provides the legal Advisory services for a variety of businesses regardless of size and structure. We provide the legal Advisory in below mention issues include.
Vetting of commercial, employment or labour related, property related, finance documents, legal documents to verify applicability and compliance of various applicable laws in India
Legal audit for existing commercial arrangements/documentations
Advisory legal compliance of various commercial documents like Periodical Schemes, Notices, MOU etc.
Advisory on Cheque Dishonors cases
Matters relating to recovery of rightful dues and related legal actions through fastest legal recourse
Advisory on Arbitration matters
Advisory Movable / Immovable property matters
Stamp duty / registration matters
Labour law matters
Co-op. Housing Society matters
Trust related matters
Any other legal matters relating to Partnership Firm, personal matters including wills, succession certificate, LOA, Letter of Probate etc.