Digital tools for auditing Legal documents

Legal documents play a vital role in protecting the interests of a business and the business owners over the course of a company’s lifetime. Documents such as master agreements, shareholder or partnership agreements, and memorandum of understanding specify how a company’s business affairs should be organised. In Wholesale banking, for example, the contractual relationships that a bank has with its clients dictate how the bank should calculate the daily margin calls, estimate its counterparty credit exposures, and whether a client is entitled to the client money protection rules or not. It is therefore vital that audit professionals pay close attention to legal documents and provide sufficient assurance that a company’s day to day business affairs are being conducted in accordance with its legal and contractual obligations.