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Legal Audits (Vol 1, Pt 9)

Patrick Lim
Partner at Raj, Ong & Yudistra

In this article, we will be breaking down the last step of carrying out legal contract audits. This is the last of the 6 steps that we have been discussing in this series.

Here is a more detailed breakdown of the final step in the process of conducting a legal contract audit:

Implement the recommendations

Once the recommendations from the audit have been approved, the next step is to implement them. This may involve negotiating changes to the contracts, updating policies or procedures, or taking other actions as needed.

Monitor the implementation

It is important to monitor the implementation of the recommendations to ensure that they are being implemented as intended and are having the desired impact. This may involve tracking the progress of the implementation and collecting data to measure the results.

Review the results

Once the recommendations have been implemented, the results should be reviewed to determine their effectiveness. This may involve conducting a follow-up audit to assess the impact of the recommendations, or simply reviewing the relevant data and metrics.

Update policies and procedures

Based on the results of the implementation and review, it may be necessary to update the company’s policies and procedures to reflect any changes or improvements made as a result of the audit.

Overall, the final step in the process of conducting a legal contract audit is to implement the recommendations from the audit, monitor the implementation, review the results, and update policies and procedures as needed. It is important to follow through on the recommendations from the audit to ensure that any issues are addressed and opportunities are seized.

This concludes this volume of the series concerning legal contract audits. In our next volume, we will explore potential key areas of the process, risks that entities will face in the absence of proper legal audits, and examples of the impact of not carrying out proper legal audits.

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