intappRisk Update

Audit Letter Response — Automating Risk and Compliance Workflows, Increasing Efficiency (Sponsor Spotlight)

In this month’s sponsor thank you, Intapp opted to once again share the spotlight with its consulting partners.

Audit letter response poses a compliance conundrum for many firms. Organizations need to address their professional and client obligations, while navigating significant process complexity and staff/lawyer overhead.

Today, several firms are taking advantage of their existing (or new) investments in the Intapp platform to achieve a more effective and efficient approaches. Read more:

From InOutsource comes a printed case study: “Ballard Spahr — Automating Audit Letter Responses with Intapp” —

  • “Responding to audit letters is a professional requirement for every law firm. When clients get audited, the auditor confers with the client’s attorneys for feedback on loss contingencies, including any pending litigation, claims and assessments which might impact the auditor’s assessment of the company’s financial condition.”
  • “The InOutsource team conducted an assessment of the firm’s existing process for responding to audit letters along with recommendations for how Ballard Spahr could automate key steps and streamline the process.”
  • “‘We started looking at possible solutions. It turns out that, although every law firm deals with audit letters, there is no tool on the market that is built specifically for audit letter responses,’ says Nicholas Weeks, Director of Risk Management, Ballard Spahr.”
  • “‘We have virtually eliminated paper,’ says Lisa Waldron, Risk Compliance Manager at Ballard Spahr. ‘Going electronic has saved us so much time. We send an electronic link to the responsible attorney and to the committee and they click on a link and review it that way.'”

And from Aurora North comes a webinar recording highlighting their own client success story. In the case, a firm that integrated Intapp workflow and DocuSign document assembly software to automate its audit letter endeavors: “FOCUS ON: WilmerHale’s Audit Letter Response Workflow Automation Solution” —

  • “Finalists for ILTA’s ‘Transformative Project of the Year 2020,’ the team at Wilmer Hale joins us to present an in-depth overview of their innovative workflow solution.’
  • “They shared how they designed and implemented a solution to automate this burdensome process (using existing internal tools), with software-driven document creation and process workflow management (notifications, reminders, tracking, and reporting).”
  • “We explored the client and regulatory rules driving the need for consistent, comprehensive process execution (no matter the overhead involved). And there will be plenty of time for audience Q&A.”