What is an Audit Readiness Assessment (ARA)?
An ARA is performed before an audit occurs. KAD Consulting experts will provide a full review of the operations of your firm. Your organization is made aware of all compliance risks and the potential impact on time, money, and human effort if they are audited.
Does it apply to you?
If you are a lawyer primarily responsible for your law firm, an active member of the Law Society, and operate a trust account, you are subject to regular, and random, audits based by the Law society of your province.
How can we help?
Our structured processes and reliable techniques, enable us to identify any key control gaps, issues that could result in fraud, intentional or un intentional errors or misuse of funds, and other areas that could render you non-compliant with a law society audit.
We can also simulate an audit, similar to that performed by the law society, to identify and recommend changes and ensure compliance with Law Society regulations. In order to help you be more efficient and compliant, we will conduct a detailed review of your
- Trust safety accounts
- Hiring practices
- Documentation management system and controls
- Information security aspects
- Other related processes
In addition, we can provide you with bookkeeping services, so your books are maintained as required, help you with staffing solutions, develop practices with superior internal controls to avoid potential frauds, practice management, and even cyber security.
Some Facts
- Canadians have lost more than $1.2 million in recent weeks due to scammers taking advantage of the COVID-19 pandemic.
- The Canadian Anti-Fraud Centre said they have received 739 reports since March 6 of attempts to defraud Canadians with scams related to the pandemic.
- Fraudsters were successful in 178 of these cases in robbing Canadians, which includes law firms of all sizes.
- It is important to be aware that this is not the first time scammers have adapted their tactics to try to cash in on an emergency.