e-dealing audit process
In December 2007 LINZ introduced an e-dealing Audit Methodology whereby the compliance activities encourage law firms to develop their own internal e-dealing systems and controls.
Following consultation with the New Zealand Law Society the risk, systems and controls-based audit approach was endorsed by the Property Law Section. The Chair of the New Zealand Law Society Property Law Section acknowledged the benefit to the profession of the e-dealing audit methodology, and supported LINZ's introduction of the audit approach into law firms.
LINZ will continue with the traditional compliance review process and sample selected firm's e-dealing documentation but will consider scaling back the level of compliance reviews for firms participating in an audit who receive a satisfactory report from an audit visit.
In certain circumstances a firm however, may be required by the Registrar-General of Land to complete a special or targeted audit of e-dealing transactions through the compliance review process.
