When we hear the word “audit,” we immediately think of the IRS and the threat of having to pay additional taxes and penalties, but not all audits are bad. A legal audit can make your business stronger by disclosing potential risks and identifying issues that you can fix before they become problems.
What Is a Legal Audit?
Business lawyers performing a legal audit are looking to help your company avoid stressful and expensive problems. Once any potential concerns are identified, solutions will be suggested so that you can confidently run your business without the threat of unknown legal issues.
During a legal audit, your business law attorneys will review things such as:
- Business policies
- Business procedures
- Government filings
- Contracts and agreements
- Insurance coverage
- Compliance with applicable government regulations
- Past and pending litigation
The audit serves two purposes. Your legal team will:
- Look for weaknesses that make your business vulnerable to government fines or litigation and make suggestions for decreasing or eliminating these risks
- Make suggestions to improve your legal position with employees, customers, vendors, and competitors
We understand that you have a business to run and we won’t get in your way. Before the legal audit begins, we will make a plan with you so that we do not disrupt the daily operations of your business or cause you or your employees any unnecessary stress.
Learn More About a Legal Audit of Your Michigan Business
As a business owner, you have enough surprises—both good and bad—during your day. You don’t need the uncertainty of legal issues and potential litigation making your work harder.
Our experienced Bloomfield Hills business attorneys will give you the information that you need to make informed decisions for your business. If a legal audit may help your business, we will explain how the audit works and the potential benefits it may provide you. Text us, call us, or complete our contact form today to schedule a complimentary initial consultation at your convenience.