Audit planning is an everyday part of corporate practice, but there are countless legal professionals who may struggle while conducting an internal audit. Staying audit ready is essential for businesses and the legal counsel that represents them.
One of the most important benefits of an internal audit is to discover risk, compliance, and governance issues before they manifest and lead to negative effects, which can be costly, lead to penalties, or threaten a business.
Being audit ready can also help increase an investor’s trust in the company, improve opportunities to get financing, speed up most transactions, and provide shareholders with extensive insights into the company’s operation.
No matter how much you’re struggling, these things can help you through the process and prepare you to be audit-ready:
Results from Earlier Internal Audits
Both the results and actions from previous internal audits can be compiled and used as audit defense. Companies can estimate financial pitfalls or how many licenses they will need in the case where they are audited.
Entity Management Software
Effective audit planning can be difficult due to distributed corporate structures, shared responsibilities between legal, tax, and finance departments, and multiple law firms that offer services on different compliance aspects.
Even more complications can arise if a company is using outdated entity management software or is still using paper-based or spreadsheet processes. One of the simplest ways to become audit ready is to ensure that your company is using modern entity management software.
A modern entity management system that is cloud-based in nature can increase the amount of collaboration across an entire organization by offering specialized user access from virtually anywhere on the globe. It also increases productivity rates by automating repetitive processes.
This approach allows your company to allocate its resources as needed. Instead of wasting time doing administrative work on an outdated system, using pen and paper, or drafting a spreadsheet. A modern entity management system lets your company focus on more important concerns.
Cloud-based entity management software comes with several benefits for attorneys managing internal audits for various organizations. Some of these benefits include:
- Extensive functionality
- Centralized storage of critical data
- The ability to organize data related to governance, risk, and compliance
- Profiles for subsidiaries
- Storage of crucial information
- Manageable access rights and permissions for a wide array of users
- Cloud collaboration
- A secure cloud with no fear of data breaches
- An easy-to-main audit track record
- History recording for changes to corporate data
- Effective project management, scheduling, and communication tools
- Standardized templates and reporting that minimize revisions
It’s clear that modern, cloud-based management software will outperform outdated management software each time.
Speak to an Entity Management Expert Today
Get a customized demo and speak to an entity management expert today! Athennian is the only five-star rated entity manager with 100% true cloud software, unlimited users, integrated eSignature, and the ability to automate any document.
Ours is also the only legal entity management platform that combines innovation with modern, cloud-based technology.
The Athennian software is a top-rated entity management system. It was designed to address the global phenomenon of ongoing problems with planning and conducting internal audits. Athennian has been part of the solution for law firms and legal professionals in both the United States and Canada.
Our product currently has over 150,000 users and proudly leads as one of the top entity management systems in North America, serving in-house legal teams and independent law firms.
Keep in mind that without a cloud-based entity management software, you can expect extra and often unavoidable challenges like:
- Human error
- Lack of proper collaboration
- Multiple versions of the same spreadsheet saved in a disorganized fashion
- Security risks
- Difficulty maintaining consistent compliance dates
- Difficulty maintaining annual reminders
The Athennian entity management software’s goal is to make legal audits and audit planning into facilitated processes for law firms and legal professionals.
You’ll be able to:
- Seamlessly manage basic entity information
- Automate templates and forms
- Ensure fewer security risks occur
- Recover from disasters
- Allow 24/7 virtual access to your records when unable to access physical minute books
- Allow clients and lawyers quick access to their records
- Offer read-only access or restricted access to clients and other lawyers
- Create a virtual minute book allowing quick access by third parties
- Manage compliance and dates in one place
- Run reports
- Ensure all important and time-sensitive filings are filed on time
- Generate entity overviews and quick corporate summaries