File reviews and compliance audits provide law firms with a mechanism for ensuring the firm is compliant with its regulatory obligations, as well as identifying learning and development needs. Those firms that are Lexcel or CQS accredited, it is a key requirement of the accreditation to conduct regular file reviews. In addition, Money Laundering Regulations 2017 require firms to establish an independent audit function to review and make recommendations about the firm’s policies, controls and procedures, and its compliance with them.
Legal Compliance Consultants can assist firms by implementing a system for file reviews and conduct onsite independent file review and compliance audits. This would check whether a firm’s internal controls and processes designed to ensure compliance with the SRA Code of Conduct, Anti Money Laundering requirements, the quality standards of Lexcel or CQS are being followed; and to identify any shortfalls. Following the review, firms will be provided with a detailed audit report setting out any compliance issues and trends identified, together with any recommendations to be implemented.
Our File Review and Compliance Audit is tailored to suit a firm’s individual requirements and can be conducted on a monthly, quarterly or annual basis.