We undertake a range of specialised audits tailored to the needs of the funder. We can conduct:
- Financial audits – focusing on ensuring the panel law firms adhere to SRA Account Rules and that funds are being used appropriately
- Technical audits – 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 funder at risk.
- Thematic review – check panel law firms’ adherence to regulatory compliance, such as AML requirements
We can conduct regular audits on all funded cases as an ongoing monitoring exercise. These audits are conducted based on approved criteria provided by the lender of their requirements, and we conduct general risk assessments of each case.
We work 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.
