For Specialist Audits
Intuitive Legal specialise in conducting thorough audits on behalf of a wide range of third parties; We have experience in acting for litigation funders, law firms, insolvency practitioners and ATE insurers.
For Specialist Audits
Intuitive Legal specialise in conducting thorough audits on behalf of a wide range of third parties; We have experience in acting for litigation funders, law firms, insolvency practitioners and ATE insurers.
We can conduct a variety of different types of audits depending on our individual client’s needs:
Financial audits
Focusing on ensuring the panel law firms adhere to SRA Account Rules and that funds are being used appropriately.
Technical audits
A technical review of the files, analysing the WIP against work type, fee earner charge out rates and the practical strategies and advice given within the file.
Compliance focused audits
Auditing files as part of a risk management exercise, to identify how a firm’s systems and controls can be strengthened and to identify weaknesses that can place the law firm, funder or third party at risk.
Thematic review
We can check panel law firms’ adherence to external regulatory compliance, such as AML requirements.
Internal file review
A more general review of a firm’s files, taking all of the above into account in adherence with SRA guidance.
Audits can be conducted on a regular basis as an ongoing monitoring exercise, or as one off or ad hoc projects.
On behalf of litigation funders, audits are conducted based on approved criteria provided by the lender of their requirements, and we conduct general risk assessments of each case. A full report is provided highlighting any red flags that have been discovered throughout the audit, along with detailed corrective actions required to protect the funders investment. We work closely with funders to continually assess the risk of their investments in the regulated sector, and we can also undertake ongoing financial reviews of the funds deployed to the panel firms.
The SRA place high importance on law firms conducting stringent internal file reviews on an ongoing basis. We can undertake a sample of reviews per month based upon pre agreed criteria and develop risk and governance reporting lines to fit around this, ensuring the firm is complying with all requirements.
