Legal practitioners place significant trust in their employees and naturally seek assurances relating to compliance of operating procedures and processes.
Internal controls are the rules, mechanisms and procedures used to safeguard assets, promote accountability, and prevent and detect fraud. The consequences of a breakdown in internal controls can be wide ranging and severe.
Creating a strong internal control environment makes audits less painful and operations more effective. A strong control environment also minimises the risk of non-compliance with the LPA and the Rules.
We can assist with the analysis, design, and implementation of internal controls to enhance the standard operating procedures of the Practice. We also perform activities to determine the compliance to existing control activities and the risks associated with non-compliance.