Legal Audits (Vol 1, Pt 7)

Patrick Lim
Partner at Raj, Ong & Yudistra

In our previous few articles, we have explored the first 3 steps of carrying out a legal contract audit. In this article, we will be exploring the fourth step, which is identifying key points after carrying out the review of the documents.

The details of the fourth step are as follows:

Identify issues or opportunities

ould be documented and analyzed. This may involve identifying the potential impact of the issue or opportunity, as well as any potential solutions.

Document the issues or opportunities

It is important to keep a thorough and accurate record of all issues or opportunities identified during the audit. This may involve creating a database or spreadsheet of the issues or opportunities, or simply keeping a written record. The documentation should include a description of the issue or opportunity, as well as any relevant details, such as the parties involved, the terms of the contract, and the potential impact.

Analyze the issues or opportunities

Once the issues or opportunities have been identified and documented, they should be analyzed to determine their significance and potential impact on the company. This may involve assessing the likelihood of the issue or opportunity occurring, as well as the potential consequences if it does.

Overall, the fourth step in the process of conducting a legal contract audit is to identify and document any issues or opportunities that are identified during the review of the contracts, and then to analyze those issues or opportunities to determine their significance and potential impact on the company.

In our next article, we will be taking a detailed look at how to build recommendations.

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