Preparing for an audit

Preparing for an audit can be an all-consuming task for your legal team. Here's how effacts can help you compile all the legal information your auditor needs, efficiently and securely.

The big audit challenge

Like General Counsel in many industries, you’re likely to have seen a significant increase in regulation in recent years. Indeed, compliance risks are rated as the area of highest audit focus.

But preparing for an audit can be an all-consuming task for your legal team. The auditor can demand a long list of documents: from anti-money laundering policies, evidence of compliance with anti-discrimination rules or data protection laws.

You’ll often commit significant legal resource to retrieving documents, summarizing information and printing binders out. You might even be forced into spending precious budget on a secure way of sharing your data with your auditor.

 

The small but powerful effacts solution

With effacts, your legal team will have a complete and up-to-date record of compliance information at their fingertips. What’s more, using effacts’ smart tools, your team can compile, present and share the information your auditor needs efficiently and securely.

 

Five ways you can put effacts to good use in an audit

1. Create ownership structures easily
If you need to show the current ownership structure across multiple entities, effacts can generate an org chart for you at the touch of a button.

2. Create historical ownership structures
If you need to show how the ownership has changed over time, effacts can generate historical org chart for you, too.

3. Create custom reports on contracts
If you need to evidence the company’s customer and supplier contracts, effacts can help you compile reports according to contract value, length, department, expiry date and much more.

4. Make compliance policies and records readily available
If you need to provide evidence of your compliance with regulations, effacts can maintain historical and current internal policies and records in a centralised location for audit purposes.

5. Share documents securely
If you need to share all the information securely with your auditors, effacts can become a simple data room.

 

The transformative effect of effacts

With effacts, you can focus your team on the strategic work rather than the paperwork.

 

Download the complete use case
"I need an up-to-date structure of our legal entities at all times. effacts makes that possible. And with a lot less work than before. With effacts, I can link all the information together: shareholders, companies, appointments, contracts and more. When I make a change in one place, the system updates everywhere. I don’t have to do it over again. It’s automatic."
- Claudia Jacobs, Privacy Officer & Legal Officer, Vebego International

"We used to use Excel for everything. Everyone around the world used to prepare their Excel files in different and random ways. It was a nightmare taking this unstructured data and producing reports for our Board of Directors. With effacts, the data is structured and available at the touch of a button."
- effacts user
"I can’t imagine a legal life now without effacts."
- Hein Bijl, General Counsel, Citizen M

Need to prepare for an audit?
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