The coverage of the audit could include all the agreements, the legal title to the foreign assets, liabilities under various laws. Thus, legal audit is a health check of the level of risk that can arise due to insufficient or inappropriate documentation or lack of understanding acts of a foreign land.
The legal audit is a means of identifying legal risks and suggesting course correction for smoother sails during crises. These are some of the thoughts which I felt were relevant to this Symposium organized by the Legal Department of RBI in the Platinum Jubilee year of RBI.