Lawrbit Compliance Audit Management Solution brings regulatory intelligence and technology bundled into a single framework to help audit and consulting firms to ensure auditors are aware of all provisions of various laws applicable on clients and also automate the regulatory audit processes. Integrating technology solutions in compliance audit process enables auditors to reap maximum benefits by adopting best practices, reduces errors, costs, improves efficiencies and ROI. The auditor can manage wide range of audit-related activities, data and processes through a single, comprehensive framework.

1. In recent times, responsibilities on Corporate Board to ensure compliance with applicable legislations has
increased multifold globally. Due to lack of in depth knowledge within the organisation, businesses are
increasingly seeking endorsement of external legal experts on their compliance adherence. Effectively, it
leads to more audits for the audit and consulting partners whether as part of statutory audits or
independently.
During same time, International Federation of Accountants (IFAC) has increased responsibilities of
Professional Accountants and Auditors globally to abide by the Code of Ethics for Professional Accountants
issued by Accounting Professional & Ethical Standards Board (APESB) and included “Responding to Non-
Compliance with Laws & Regulations” framework, also known as “NOCLAR”. This effectively includes
compliance audit as part of statutory audits.
In both above scenarios, it becomes imperative for Audit, Accounting and Consulting professionals to
become fully aware of all applicable laws on their client business and create robust internal processes for
compliance audits.
REGULATORY INTELLIGENCE
Compliance Checklists ■ Documents
Legal Advisory ■ Key Definitions
AUDIT WORKFLOWS
Select Auditor ■ Create Workflows
Define Audit Scope
STRATEGIC INSIGHTS
Risk identification ■ Risk assessment
WORKPAPER MANAGEMENT
Document Management ■ Collaboration
ANALYTICS & REPORTING
Executive Dashboards ■ Audit Report
COMMON CHALLENGES DURING COMPLIANCE AUDITS
REGULATORY COMPLIANCE AUDIT MANAGEMENT SOLUTION
KNOWLEDGE MANAGEMENT
Multiple laws applicable on clients basis
geographies, jurisdictions, regulators,
locations, industry, nature of business, etc
COSTS OVERRUNS
Due to non availability of right skill set,
delay in client’s responses, report
preparation and legal research.
LEGAL RESEARCH
Is often client specific and that too in non
standardised formats which is either partial
or of no use in future.
CO-ORDINATION
Amongst audit team when multiple auditors
work on a client and with auditee while
collecting data, sharing observations.
NON STANDARDISATION
Of audit process, report templates across
firm often leads to cost overruns, delays
and quality issues
DATA CONFIDENTIALITY
Ensuring confidentiality of client’s data while
collection, transfer during audit or retention,
shredding post audits
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2. WHY YOU NEED LAWRBIT FOR YOUR FIRM?
Lawrbit allow auditors to create an audit program with a defined objective and
scope tied into the compliance and risk management processes. Audits can
then be organised in a logical structure and hierarchy with detailed checklists,
evaluations, pass/fail criteria, and tasks to develop a systematic and risk-based
audit plan.
Standardised checklists for regulatory audits across all clients.
Eliminate research cost while identifying compliance applicable on client
before audit.
Enables systematic and workflow driven audit processes across all clients
Standardised data collection through secured access and eliminate audit
errors and inconsistencies.
Complete visibility into audit processes and matrices ensures quality
controls, timely delivery and risk management.
Standardise audit report creation; use pre approved templated across
firm, create new templates.
Strengthens efficiency of the audit staff, enabling them to be focused on
value-oriented functions such as analyzing and recognizing trends in the
audit data
Streamline the audit lifecycle, right from audit planning and scheduling, to
resource management, field data collection, and reporting
SOLUTION OVERVIEW
Lawrbit Compliance Audit Management Solution brings regulatory intelligence and technology bundled into a
single framework to help audit and consulting firms to ensure auditors are aware of all provisions of various laws
applicable on clients and also automate the regulatory audit processes.
Integrating technology solutions in compliance audit process enables auditors to reap maximum benefits by
adopting best practices, reduces errors, costs, improves efficiencies and ROI. The auditor can manage wide range
of audit-related activities, data and processes through a single, comprehensive framework.
TECHNOLOGY FEATURES
๏ System work flows aligned to
organisation structure of a
consulting firm.
๏ Create multiple client audits and
collaborate basis functional
expertise and auditor’s location.
๏ Define audit scope, period,
select
๏ Audit trails of all conversations
and action between Auditor,
Audit Manager & clients.
๏ Access to compliance checklists,
documents, key definitions,
regulatory updates &
notifications
๏ Secured and scalable application,
hosted on AWS cloud.
๏ Store client’s compliance data
and reports to save time in future
audits.
๏ Secured, role based access with
multi factored authentication
© Lawrbit Lextech India Private Limited
Call: +91-9560-83-4141 | Email: info@lawrbit.com | Website: www.lawrbit.com
Also Explore: Compliance Service Management Solution ■ Enterprise Compliance Management Solution
© Copyright 2019 Lawrbit. All Rights Reserved
100+
Law Firm Partners
80+
Countries Covered
3,500+
Laws & Regulations mapped
1,000+
Regulatory Bodies
GLOBAL REGULATORY INTELLIGENCE
SALIENT FEATURES
• Comprehensive coverage of laws across federal,
state, local & industry specific laws
• Simplified language for easy understanding
• Categorisation of compliance basis its nature and
actions required
• Event Based advisory helps identify compliance
requirements across laws
• Risk categorisation of compliance basis penal
provisions defined in laws
• Continuous legal research and auto updation of
compliance obligations with impact assessment
Lawrbit Global Regulatory Intelligence is created and continuously updated with regulatory changes through
collaborative input of 1000s of legal experts from 100+ Law firm across 80+ countries. Lawrbit provides a
centralized repository of Regulatory Compliance Obligations, Legal Documents, Key Legal Terminologies,
Updates that can be commonly accessed by Operation teams of Consulting Firms, Clients, etc.
To know more, refer our White paper “Lawrbit Regulatory Intelligence”