Audit firm Definition

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GLOSSARY

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What does Audit firm mean?

An ‘audit firm’ is a firm that is approved to carry out statutory audits

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Preparing for the auditors—in-house lawyers

Preparing for the auditors—in-house lawyers One of the key dates in your organisation’s calendar is the date of the annual audit. An important part of the auditors’ role is to ensure that your organisation’s processes are fit for purpose. Central to that is your organisation’s approach to legal matters and legal risk. As an in-house lawyer, you need to prepare for the auditors’ visit because inevitably they will want to meet with you. While each audit firm has its own standard set of questions for in-house lawyers, the questions tend to follow certain themes, eg: • your risk register • litigation • applicable law and regulation • contracts • intellectual property (IP) • legal work process • your knowledge and experience Since joining your organisation, you have hopefully had the opportunity to meet with the key directors and heads of function. Those meetings will have given you the opportunity to find out more about many of the issues the auditors will be interested in. See Practice...

Brexit—statutory audit [Archived]

Brexit—statutory audit [Archived] At 11pm UK time on 31 January 2020 (exit day), the United Kingdom left the European Union in accordance with a ratified Withdrawal Agreement between the UK and the EU. The UK is now regarded by the EU as a ‘third country’, ie it is a country that is not an EU Member State or a member of the European Free Trade Association (EFTA). During the implementation period (until 11pm UK time on 31 December 2020), the UK and the EU sought to negotiate and enter into an agreement that would govern their future relationship. The framework for a future relationship was set out in a political declaration, the terms of which were agreed at the same time as the Withdrawal Agreement. The EU–UK Trade and Cooperation Agreement (TCA), ie the post-Brexit trade deal between the UK and the EU, was finally agreed just days before IP completion day. Further to the agreement of the TCA, the European Union (Future Relationship) Bill was introduced...

Discover our 9 Practice Notes on Audit firm

Resolution to appoint or re-appoint an auditor and fix remuneration

Resolution to appoint or re-appoint an auditor and fix remuneration Ordinary resolution That [insert name of audit firm] be [appointed OR re-appointed] as auditor of the Company until

Money Laundering Regulations 2017—independent audit report—law firms

Money Laundering Regulations 2017—independent audit report—law firms 1 General information Person(s) conducting audit [Insert name(s) and role(s) of auditor(s)] Internal or external auditor(s) ☐ Internal☐ External Dates of audit From [insert date] to [insert date] Firm-wide or targeted audit ☐ Firm-wide☐ Targeted [State precisely what was targeted, eg property transactions funded by cryptoassets] [Office(s) covered by the audit] [[Insert details of offices covered by this audit]] 2 Executive summary [Insert executive summary of report findings] [[Insert summary of recommendations, eg:] Importance Number of recommendations Critical [Insert number of recommendations from section 5 categorised as critical] Important [Insert number of recommendations categorised as important] Housekeeping [Insert number of recommendations categorised as ‘Housekeeping']] 3 Scope of audit 3.1 This audit has been carried out to: 3.1.1 examine and evaluate the adequacy and effectiveness of the policies, controls and procedures adopted by the firm to comply with the requirements of the Money Laundering Regulations 2017; and 3.1.2 make recommendations in relation to those policies, controls and procedures. 3.2 [This...

Dive into our 2 Precedents related to Audit firm

Corporate weekly highlights—11 July 2019

This week’s edition of Corporate highlights includes the latest updates on Brexit, the FCA’s announcement of a delay to the launch of new issuer data submission requirements, the FRC’s publication of a new stewardship code, the CLLS response to ICSA’s consultation on the effectiveness of independent board evaluation in the UK listed sector and analysis of a High Court judgment dealing with matters relating to unfair prejudice, quasi-partnerships and reliance on facts unknown.

Lexis®PSL Corporate weekly highlights—1 September 2016

Welcome to the weekly highlights from the Lexis®PSL Corporate team for the week ending 1 September 2016, which provide news updates and a comprehensive list of dates for your diary. This week’s edition features the newly released European Securities and Markets Authority’s (ESMA) risk analysis report on trends, risks and vulnerabilities in EU securities markets and the updated Companies House guidance on confirmation statements. We have also published two new Precedents, a confidentiality and standstill agreement and a cooperation agreement; a new Flowchart outlining when a break fee is permissible on a takeover transaction; and new Training Materials on secondary equity offers.

Read the latest 2 News articles on Audit firm